Hunt Real Estate Capital has provided a $20.8 million refinancing through the FHA 223(a)(7) loan program for Rio Vista Apartments, an affordable multifamily property located in San Ysidro, California. The new loan features a 35-year term and refinances an existing FHA 223(f) loan, providing significant annual debt service savings with a lower interest rate and reduced mortgage insurance premium.
“The new loan facility will help improve cash flow and overall financial performance of the community,” said Paul Weissman, senior managing director and head of affordable housing production at Hunt Real Estate Capital.
Rio Vista Apartments is a 161-unit multifamily property that was built in 1985 and purchased by the borrower in 2014. The property consists of 12 two-story buildings, which contain a mix of two- and three-bedroom floor plans. The property is 99% occupied.
The borrower is Standard Communities, the affordable and workforce housing division of Standard Companies.