Hunt Real Estate Capital joined with ARA Newmark to provide a Freddie Mac Small Balance Loan for Village on West Irving Apartments in North Texas. The partners closed on a 10-year, $6.1-million, fixed-rate refinance loan, with 36 months of interest-only and a 30-year amortization for the 91-unit property at 2121 W. Irving Blvd. in Irving, TX.
Borrowers DavidInvest, LLC, Homebuyers Today LLC, Mike & David Invest, LLC, and HNN Holdings LLC recently acquired the property from Elmstone Group TV LLC. “The borrowers own multiple properties in the Texas and Dallas-Fort Worth area, and are a repeat Hunt Real Estate Capital and Freddie Mac customer,” said Jason Ward with Hunt Real Estate Capital.
The loan represents the first partnership between the companies. According to ARA Newmark’s Jakob Andersen, there will be more deals done. “It will help make ARA a one-stop shop for small balance loans which nicely compliments our overall business,” he said.
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