Richmond, VA — March 8, 2013 — 37th Parallel Properties (“37th Parallel”), a total return focused commercial multifamily real estate investment firm, announced today it has closed on a new $3.7 million Fannie Mae Loan to refinance Hunters Point Apartments, a multifamily property located in College Station, TX.
37th Parallel Properties acquired the property via assumption of the existing CMBS financing in November of 2009. During the 3.5 year holding period before refinance the property’s occupancy has been at or above market levels. And, occupancy was 96% at the time of the refinance and pre-leasing is ahead of schedule from 2012.
Chad A. Doty, CEO and co-founder of 37th Parallel was part of the original acquisition team in 2009.”Hunters Point Apartments has been a very stable asset for us and we’re pleased to complete this refinance for our company and our investors. We have experienced excellent total returns to date and by reducing the debt cost by 120 basis points and harvesting over $1.2 million in equity, we have setup the property for continued capital improvements and steady income gains for the future. We expect the property will continue to perform well in our portfolio going forward.”
Hunters Point Apartments, located at 1806 Yellowhouse Lane, College Station, TX is a 112-unit aparrtment complex made up of 48 1-bedroom and 64 2-bedroom apartments including several 2-bedroom townhomes.
Property amenities include a swimming pool, a concrete-paved patio area, covered bus stop on Texas A&M Shuttle line, concrete-paved parking areas, on-site laundry, and washer-dryer hookups in most units.
Loan terms include a 10-year term, with 30-year amortization period a fixed rate of 4.43%.
37th Parallel Properties provides commercial multifamily investment and asset management services for select private clients across the United States and Internationally. To learn more, call 888.837.3720.