Hunt Real Estate Capital Provides $38M Refi for Florida Multifamily Property
Hunt Real Estate Capital has provided $37.9 million in Freddie Mac-backed debt to an affiliate of national rental developer and owner Talos Holdings to refinance a newly built, garden-style multifamily community just east of Pensacola, Fla., Commercial Observer has learned.
The loan refinances previous Federal Housing Administration (FHA) construction debt on The Sound at Navarre Beach, a 250-unit luxury multifamily development in Navarre, Fla., just a short walk from the beaches of the Florida Panhandle. The project wrapped in 2017, according to Talos’ website.
The 12-year financing includes six years of interest-only payments and is scheduled to amortize in 30 years, according to information from Hunt.
“[Talos] has more than 30 years of experience as a multifamily owner [and] operator, and I have worked with him personally on several agency loans over the years,” Hunt senior managing director Chad Hagwood said in prepared remarks. “He has overseen the development, renovation and acquisition of over 5,000 multifamily units, along with 2.5 million square feet of retail space.”
The Sound at Navarre Beach — at 7381 Navarre Parkway — is a garden-style multifamily property comprising 221,820 square feet across four buildings. It was 93 percent occupied within 11 months after its completion, and its current occupancy is at 97 percent, according to Hunt.
The units consist of one-, two- and three-bedroom apartments, which range from just over $1,171 to $1,385, according to the property’s website.
Amenities at the property include a 24-hour fitness center, a business and communications lounge, a resident clubhouse with a coffee bar, an outdoor swimming pool and jacuzzi and subterranean garage parking as well as surface parking, according to information from the property’s website. There is also a dog park on site and washing machines and dryers included in each unit.
“The owner has done a tremendous job with this development and property operations,” Hagwood said. “Through our partnership with Freddie Mac, we secured very solid loan terms and closed the deal on time, and as advertised.”
Scottsdale, Ariz.-based Talos Holdings has properties located throughout the southwestern and western U.S., with offices in Dallas and Atlanta.
Officials at Talos were not immediately available to comment on the deal.