NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided an $11 million Fannie Mae loan facility to refinance a multifamily property located in St. Louis, Missouri.
Brazilia Apartments is a 328-unit garden style apartment community that is comprised of six, three-story apartment buildings developed in 1971, situated on a 9.62 acre parcel of land. Located at 1194 Casa Brazilia Court, the property also consists of 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. Yield maintenance applies during the first 9.5 years. The borrower is a single asset entity formed to provide ownership of the property.
“The borrowers are experienced commercial real estate investors that are repeat Fannie Mae and Hunt Mortgage Group clients,” commented Steven Cox, Managing Director at Hunt Mortgage Group. “Hunt has financed a total of 11 transactions with this borrower.”
“In addition, the owners have invested approximately $430,000 in capital expenditures in Brazilia Apartments over the past 3 years,” added Cox. “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 unit mix consists of 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, and a playground. Parking is made available on site with 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 Central Business District,” said 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.”
The deal team at Hunt included Cox and Ian Monk.
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