Commercial Real Estate Headlines for August 13, 2019

Check out the latest in deals and development in commercial real estate for Aug 13, 2019: Hunt Real Estate Capital Partners with Freddie Mac to Finance the Acquisition and Rehabilitation of a 1,321-unit Affordable Housing Portfolio in NYC: Hunt Real Estate Capital has provided $192.2 Million USD in financing to facilitate the acquisition and rehabilitation of a multifamily portfolio located in New York City. The loans are 30-month and 36-month Unfunded Forward Commitments for permanent, fixed-rate financing in the form of Tax-Exempt Loans (TELs) to facilitate payoff of the construction financing for the New York City Housing Authority (NYCHA) Pennrose Bundle. The portfolio was bifurcated into two transactions – one LIHTC and the other non-LIHTC. The permanent mortgage loans are in the amounts of $118,500,000 (LIHTC) and $73,700,000 (Non-LIHTC) with 30-year terms amortizing over 40 years. The properties are all located in Brooklyn's Bushwick neighborhood. The portfolio contains 1,321 units of existing NYCHA public housing that will undergo conversion through the RAD and Section 18 Disposition programs of the Department of Housing and Urban Development (HUD). In total, the Pennrose Bundle consists of 60 scattered-site multifamily properties in close proximity, as well as one community center building. The garden-style, mid-rise, and high-rise buildings range from three to 14 stories tall, and were built from 1980 to 1987. The unit mix includes studio, one-bedroom, two-bedroom, three-bedroom, and four-bedroom layouts. Multifamily Shows Strongest Growth Amongst CRE Sectors In Q1 2019: Ten-X Commercial, the nation's leading…