Hunt RE Capital Finances Affordable Deal for Avanath
Hunt Real Estate Capital has provided a $19.5-million Fannie Mae affordable multifamily loan to a Texas LLC sponsored by Los Angeles-based Avanath Capital Management (ACM). The loan financed the acquisition of the 280-unit Blunn Creek Apartments, an affordable housing community at 701 Woodward St. in Austin.
“ACM is a California-based investment firm that acquires, renovates, and operates apartment properties with an emphasis on affordable and workforce communities,” said Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital.
Hunt was able to provide four-years of interest only payments on this transaction.
“The borrower has allocated approximately $2 million in funding for a variety of interior and exterior improvements,” added Weissman. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Austin a solid opportunity for affordable housing.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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