Hunt Real Estate Capital Finances the Acquisition and Rehabilitation of an Affordable Senior Housing Property Located in Pinellas Park, Florida
The property is a 104-unit affordable senior housing property that was built in 1981 and is located on 4.1 acres of land. It is comprised of two three-story buildings. There is a third building on the property that houses both a community room, as well as an arts and crafts room.
The loan is an affordable rate refinance structured under Section 223(f) of the National Housing Act. The property benefits from project-based rental assistance via a Section 8 Housing Assistance Payment Contract and a new 20-year HAP Contract that was executed prior to closing.
"This community has an insatiable appetite for quality affordable apartments, especially those geared towards the elderly resident," noted
"The borrower is taking advantage of the favorable interest rate environment to recapitalize the asset with long-term, FHA-insured financing. The borrower plans to invest approximately
Planned renovations include various unit upgrades, such as a full kitchen and bathroom remodel, new interior paint and the installation of packaged terminal air conditioners in each unit. Exterior upgrades include two new elevators, exterior paint, asphalt repair and restriping, landscaping improvements and the repair and installation of various outdoor amenities. In addition, the borrower plans to bring the property into
"This deal is significant in that there were two loan closings, a bridge loan to facilitate the original acquisition of the property, and then a long-term 223(f) permanent loan to lock in long-term, low fixed-rate financing. This transaction showcases our ability to structure both sides of these deals, which are becoming increasingly common due to the competitive acquisition market," concluded Deegan.
All of the units have one bedroom and one bathroom, and the property has a net rentable area of 69,368 square feet. Property amenities include a gazebo and patio used for community events. There are additional community spaces on each floor of the two residential buildings, onsite parking is available to tenants, and there are laundry facilities located in each building.
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