Hunt Real Estate Capital Finances Acquisition, Rehabilitation of Affordable Community in Florida

PINELLAS PARK, Fla. — Hunt Real Estate Capital has provided two loans to finance the acquisition and rehabilitation of an affordable seniors housing property in Pinellas Park, located across the bay from Tampa. 

Hunt Real Estate Capital provided an $11 million affordable multifamily loan and a bridge loan in the amount of $8.8 million.

The property offers 104 units across two three-story buildings on 4.1 acres. It was built in 1981. 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. Hunt Real Estate Capital also provided a bridge to 223(f) LIHTC 4 percent structure.

Additionally, the borrower received $5.9 million in tax credit equity via the sale of 4 percent Low-Income Housing Tax Credits.

“This community has an insatiable appetite for quality affordable apartments, especially those geared towards the elderly resident,” says Kevin Deegan, director at Hunt Real Estate Capital. “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 $3.6 million in renovations after the purchase is complete.”

All of the units have one bedroom and one bathroom, and the property has a net rentable area of 69,368 square feet.