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Hunt Provides Refi to Rent-Stabilized Bronx Apartments
Hunt Real Estate Capital provided a $5.2-million Freddie Mac Small Balance Loan to refinance a rent-stabilized multifamily property located in the South Bronx.
The property, 295 E. 149th St., is a six-story walk-up, mixed-use building containing 22 apartments and three ground-floor retail units. The property was built in 1905. The apartments are 95.45% occupied, while the retail tenancy is 100% occupied.
The borrower is 295 E 149 LLC. The transaction is a 5/15 Hybrid ARM with a loan term of 20 years. The interest rate will automatically convert to a floating rate after five years.
“The borrowers purchased the property in September of 2016 and invested approximately $580,000 in capital expenditures and tenant buy-outs since acquisition,” said Steven Cox, senior managing director at Hunt Real Estate Capital.
The 295 E. 149th deal was brought to Hunt Real Estate Capital by broker Allan Lieberman, managing director at Meridian Capital Group.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
