NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $6.3 million Fannie Mae loan facility to refinance a multifamily property located in Pontoon Beach, Illinois.
Located at 101-103 Whitsell Way, Chouteau Bay Apartments is a 152–unit garden style apartment community comprised of 20 three-story apartment buildings. The buildings were developed in several phases from 1990-2003 with 137,168 square feet of rentable space. All the apartments are two-bedroom units.
The loan term is ten years amortizing over 30 years. The borrower is a single asset entity formed to provide ownership of the property.
“The ownership group has over 60 years of combined experience owning, operating and developing multifamily rental real estate,” commented Steven Cox, Managing Director at Hunt Mortgage Group. “In addition, they are repeat Hunt and Fannie Mae customers. In fact, Hunt has financed a total of 11 transactions with this borrower.”
“The owners have injected approximately $216,000 in capital expenditures in the property over the past 3 years,” added Cox. “Most recently they focused on making interior upgrades which include replacement of all appliances, flooring, painting, HVAC, soffit repair and breeze way work.”
Chouteau Bay is situated about 16 miles northwest of the St. Louis Central Business District and is approximately a 30 minute drive from the St. Louis international Airport, with access to the airport provided by Interstate 270. Several large manufacturing corporations operate near Pontoon Beach, in Granite City, including U.S. Steel and Kraft Foods. Additionally, the property is located approximately 10 miles away from Southern Illinois University, which has a large impact on the area economy.
“Chouteau Bay is well located and benefits from diversified sources of employment and industry near-by. It is well-positioned to provide residents access to differing employment centers and opportunities that will help keep the local economy strong,” concluded Cox.
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