ST. LOUIS—Hunt Mortgage Group, a New York-based real estate lender, has just secured an $11 million Fannie Mae loan to refinance the Brazilia Apartments, a 328-unit St. Louis multifamily property.
Although lenders are probably more comfortable making loans in core markets like Chicago, the GSEs seem willing to commit money for St. Louis communities. As reported in GlobeSt.com, for example, Oak Grove Capital recently secured $23.2 million in Fannie Mae loans for Oak Residential Partners in its acquisition of Pine Tree Club Apartments and Westbrooke Village Apartments, two market-rate apartment communities in St. Louis.
The Brazilia apartment community was developed in 1971 and has six, three-story apartment buildings situated on 9.62 acres. Located at 1194 Casa Brazilia Crt., the property also has a three-story office building known as Brazilia Plaza. The term of the loan is 10 years with amortization based on a 30-year schedule with no interest only. The borrower is a single asset entity.
“The borrowers are experienced commercial real estate investors that are repeat Fannie Mae and Hunt Mortgage Group clients,” says Steven Cox, managing director at Hunt. “Hunt has financed a total of 11 transactions with this borrower.”
“The owners have invested approximately $430,000 in capital expenditures in Brazilia Apartments over the past 3 years,” he adds. “The borrower also completed major renovations of the unit interiors of several of the buildings, upgrading the flooring, cabinets, appliances and general appeal of the units.”
The development has 116 one-bedroom, one-bathroom units, 182 two-bedroom, two bathroom apartments, and 30 three-bedroom, two-bathroom units. Project amenities include laundry rooms, a pool, a playground and 497 open parking spaces.
“Brazilia Apartments is located in an inner-ring suburban area of St. Louis and is 12 miles southwest of the city's CBD,” says Cox. “It is well-positioned to provide residents access to various employment centers and opportunities and there are a number of amenities within the general vicinity of the property, in the form of schools, shopping venues, and other forms of entertainment that make this a very nice place to live.”
Hunt's deal team included Cox and Ian Monk.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
