News:
Brokerage
Posted: July 16, 2019
Hunt R.E. Capital provides Freddie Mac loan for 576-unit acquisition
Austin, TX Hunt Real Estate Capital provided a Freddie Mac conventional multifamily loan in the amount of $55.24 million to finance the acquisition of a multifamily property. The financing is a seven-year fixed-rate loan with an initial interest-only period of three years.
Hyde Park at Wells Branch is a 576-unit, garden-style apartment complex that was built in 1999. The property is comprised of 25, three-story garden-style apartment buildings situated on a 29.3-acre parcel.
The borrower is a joint venture with a seasoned equity investor and Joe Lubeck, CEO of American Landmark, as the managing partner and Christine DeFilippis as CFO.
“Joe is a seasoned Freddie Mac select sponsor that is the founder of ELRH Investments, LLC as well as the original founder of Landmark Residential,” said John Beam, managing director at Hunt Real Estate Capital. “This is our 16th financing with Joe. He has overseen four successful portfolio builds totaling over 100,000 units with a value in excess of $3 billion in the last 15 years and currently owns a real estate portfolio that includes 54 properties totaling over 16,500 units.”
“The property was part of a portfolio purchase and the borrower plans to invest more than $4 million in capital upgrades to improve the property,” said Beam. “The previous owner had been renovating units on turn prior to acquisition, and 198 units still need to be renovated.”
Unit interiors will be upgraded with washer/dryers, upgraded cabinets, and lighting/plumbing fixtures. Site amenity improvements will include enhancements to the clubhouse, new pool furniture and landscape beautification.
According to Deborah Proctor, vice president at Hunt Real Estate Capital, “Hyde Park at Wells Branch is located in a strong job-growth market that consistently supports demand for multifamily housing with competitive amenity packages. We were pleased to partner with this quality sponsor on this acquisition.”
Property amenities include two pools, barbecue areas, two clubhouses, a fire pit, fitness center, and a dog park. The property also features carports, detached garages, and gated access.
Tags:
Brokerage
MORE FROM Brokerage
Adler of Rand Commercial brokers $2.3 million sale of retail assemblage in Yonkers
Yonkers, NY Rand Commercial negotiated the June 12, 2026 sale of an 11,000 s/f retail assemblage at 245, 247, 251, and 253 South Bdwy. for $2.3 million to an owner-user.
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
