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NEW YORK, September 5, 2019 /PRNewswire/ — Hunt Real Estate Capital, the leader in commercial real estate financing throughout the United States, announced today that it has granted Fannie Mae an affordable multifamily loan of $64.14 million to Finance the acquisition and renovation of affordable multifamily real estate located in San Pedro, California.

Park Western Apartments is a 216-unit property consisting of fourteen residential buildings built in 1969. The hotel is located on a 7.72 acre site at 1327 West Park Western Drive and contains 32 one-bedroom units, 128 two-bedroom apartments, 32 three-bedroom apartments, 24 four-bedroom apartments, and a 1,300 square foot service store. 

The Fannie Mae M. TEB loan has a 17-year term, 40-year amortization, and provides significantly more loan revenue to support a substantial rehabilitation budget. According to RBC Capital Markets, it was Fannie M. TEB’s second-largest loan, which was closed at the lowest rate in the program since 2016.

Borrower Park Western housing, LP, an organization formed to acquire, repair and manage property. The deal is supported by Richard Siebert and June Park SDG housing partners, as well as their non-profit partner, affordable housing access. Hunt Real Estate Capital’s Aaron Wooler and John McAllister, managing Director of the firm’s Arcadia, California office, worked to accommodate this funding.

“The borrower originally purchased Park West estates in March this year through hunt and century bridge loans, which were closed for three weeks to meet the seller’s closing date,” noted hunt Aaron Wooler. “With this new permanent funding and equity tax credits, SDG housing partners will be able to maintain the risk of affordable multifamily development that Los Angeles residents cannot afford to lose.” 

“With schools, health care, public use, retail and transit access all within 1.6 miles of the community, Western estates Park is in an area that is well suited for affordable apartment development,” Wooler added. “Funding this project is also of particular importance to me as it was the last deal that John McAllister and I worked on before his passing. It was fitting that his storytelling career ended with such a productive deal.”

San Pedro, California is located in Los Angeles County, in the Los Angeles-long beach-Anaheim, MSA, and the property is located in an area in South Los Angeles.  The area is surrounded by Palos Verdes Drive to the North, the port of Los Angeles to the East, the Pacific ocean to the South, and the city of Rancho Palos Verdes to the West.

MEDIA CONTACT Michael Ratliff hunt Real Estate Capital 212-588-2163 [email protected]

SOURCE hunt Real estate Capital

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September 05, 2019, 09:03 ET