Hudson Realty Capital, an integrated commercial real estate investment manager and FHA/HUD lender that provides financial solutions to sponsors across the U.S., announced the recent closing of a $24.6 million FHA Section 223(f) refinancing loan for Bloomington Apartments located in St. George, Utah.
Mandi Hackett, Managing Director and Chief FHA Underwriter at Hudson Realty Capital, said: “HUD’s 223(f) program continues to be a superior fit for borrowers looking for a product that offers countless benefits in an uncertain market. By securing a competitive rate and flexible terms, we were able to offer a financing solution that supports the sponsor’s long-term investment goals and helps ensure the continued success of Bloomington Apartments and its contribution to the St. George rental market.”
Paul Griffin, Managing Director, Due Diligence/FHA Operations, said: “This transaction reflects the strong fundamentals of the Utah multifamily market, characterized by high demand, low vacancy rates, and steady rental growth. St. George, in particular, has emerged as a key destination for both residents and investors, benefiting from a thriving job market, outdoor recreation opportunities, and a high quality of life. We are pleased to leverage our FHA lending expertise on behalf of our clients and help meet their goals for their assets.”
Bloomington Apartments is a Class A, 118-unit, multifamily apartment complex consisting of four residential buildings. Featuring spacious one- and two-bedroom apartments, residents at Bloomington enjoy resort-style living complete with a range of amenities including a pool, hot tub, clubhouse, BBQ pavilion and picnic area, tennis court, fitness center, pet washing station, assigned parking, and more. The complex boasts several nearby attractions including Bloomington Park, White Dome Nature Preserve, Tonaquint Park and multiple local golf courses.
Bloomington Apartments is owned by Bloomington Apartments, LLC. Darcy Stewart and Grant Marsh are the key principals and have over 50 years of real estate/construction experience. The management company is Rockworth Management company and provides management to over 2,500 units in Utah, New Mexico, Nevada, South Dakota, Texas, Colorado, Idaho and Wyoming.
In November, Hudson Realty Capital launched an $800 million bridge-to-HUD loan program for multifamily projects with targeted loan sizes of between $15 million to $50 million. To date, the firm has issued more than $380 million in term sheets and is reviewing another $350 million in loan applications for the bridge program.
Hudson’s team has extensive experience in loan origination, servicing and management, using an integrated approach to aid borrowers in value creation and realizing their business objectives. Hudson Realty Capital has managed investments totaling more than $4.5 billion in aggregate transaction value across the multifamily, office, industrial, retail, mixed-use and hospitality sectors since its inception in 2003. The firm is a fully integrated commercial real estate lender with a robust in-place infrastructure that includes in-house origination and due diligence, asset management and servicing expertise.
