NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it refinanced seven multifamily properties using Freddie Mac loan facilities. The properties are located in a variety of markets and the total Hunt Mortgage Group investment was $192.4 million.
- 11 North at White Oak. Hunt Mortgage Group provided a $44.3 million loan to refinance 11 North at White Oak, a 1,184–unit, garden-style apartment complex located in Richmond, Virginia. The loan will refinance an existing bridge loan of approximately $29.1 The borrower originally acquired the property, formerly known as Seven Gables, in January 2013 and has spent nearly $3 million in renovations since acquisition.The property is comprised of 296 two-story apartment buildings that were built between 1965 and 1975. Property amenities include two community pools, three playgrounds, a business center, a fitness center, and two dog parks. The property also offers 2,020 parking spaces. All units are two-bedroom, one-bathroom apartments.
- Allanza at the Lakes. Allanza at the Lakes is an 896–unit garden-style apartment complex located in Las Vegas, Nevada. Hunt Mortgage Group provided a $47.4 loan to refinance existing debt on the property. Built in 1986 and renovated in 2007, the property is comprised of 56 two-story residential buildings, a one-story office/clubhouse building, five one-story poolside buildings, and a one-story clubhouse building with a living room, fitness center and maintenance room. Other property amenities include five outdoor swimming pools, three spas, picnic area with barbecues, play area, jogging trails and covered parking. The unit mix at Allanza at the Lakes includes 288 one-bedroom, one-bathroom apartments, 498 two-bedroom, two-bathroom units, and 110 three-bedroom, two-bathroom units.
- Cambridge Place Apartments. Hunt Mortgage Group provided a $10 million loan to refinance Cambridge Place Apartments, a 336-unit garden-style apartment complex located in Houston, Texas. Built in 1984, the property is comprised of 20 two- and three-story residential buildings and a single-story leasing office. Property amenities include two swimming pools, two tennis courts, one common area laundry room, and a combination leasing office/clubhouse/business center. The unit mix includes 36 efficiency apartments, 220 one-bedroom, one-bathroom units, 24 two-bedroom, one-bathroom apartments, and 56 two-bedroom, one-bathroom units.
- Knollwood Apartments. Knollwood Apartments is a 608–unit garden-style multifamily property located in Hazelwood, Missouri. Hunt provided a $20.7 million loan to refinance existing debt on the property. The borrower originally acquired the property in January 2013 and has spent $2.1 million in renovations since acquisition. Knollwood Apartments was built in two phases in 1980 and 1985 and is comprised of 21 two- and three-story residential buildings, a one-story leasing office/clubhouse building that includes a fitness center and laundry facility, and an additional laundry building located next to the second pool. The unit mix includes 346 one-bedroom, one-bathroom units, 102 two-bedroom, one-bathroom apartments, and 160 two-bedroom, two-bathroom units.
- Paces Village. Hunt Mortgage Group provided a $9 million loan to refinance Paces Village, a 198-unit garden-style multifamily facility located in Greensboro, North Carolina. The property was purchased by the borrower in December 2013. Built in 1987, Paces Village is comprised of 10 two- and three-story residential buildings and a one-story office/clubhouse building with a fitness center, common laundry, and leasing office. Other property amenities include an outdoor pool, tennis court, dog park, barbecue area and car wash. The unit mix includes 88 one-bedroom, one-bathroom apartments, 110 two-bedroom, two-bathroom units.
- Westchase Ranch Apartments. Hunt Mortgage Group provided a $22.7 million loan to refinance Westchase Ranch Apartments, a 776–unit garden-style apartment complex located in Houston, TX. The borrower has completed approximately $1.41 million in aesthetic improvements to the property since acquisition. The proposed financing will be used to provide long-term financing for the property. Built in 1979, Westchase Ranch Apartments the Property is comprised of 54 two-story residential buildings, one single-story leasing office, and one maintenance shop building. Property amenities include four swimming pools, eight lighted tennis courts, and seven laundry areas. The unit mix includes 144 efficiency units, 344 one-bedroom, one-bathroom apartments, 232 two-bedroom, two-bathroom units, and 56 three-bedroom, two-bathroom apartments.
- Marina Shores. Marina Shores is a 392–unit garden-style apartment complex located in Virginia Beach, Virginia. Hunt Mortgage Group provided a $38 million loan to refinance the property that was built in 1991. The property is comprised of 13 three-story residential buildings and one clubhouse/fitness center. Other property amenities include a business center, grilling area, pool, tennis courts, and a playground. The unit mix includes 205 one-bedroom, one-bathroom apartments, 108 two-bedroom, two-bathroom units, and 79 three-bedroom, two-bathroom apartments.
The loans on all seven facilities include a 7-year term and a 30-year amortization period.
“Our client did an excellent job improving the operations during their brief ownership period and this allowed us to return a significant portion of their equity,” commented John Beam, Managing Director at Hunt Mortgage Group.
Added Keith Morris, Vice President Mortgage Banking at Hunt, “Freddie Mac worked with us to deliver a great interest rate in an expedited timeframe. These were solid transactions for Hunt. What a wonderful way to end 2014.”
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company historically focused on financing multifamily properties, but today also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. Hunt Mortgage Group maintains a servicing portfolio of over $10.4 billion and is headquartered in New York City. Hunt Mortgage Group is comprised of 129 employees in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com