NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $6.63 million first mortgage loan to finance the acquisition of a medical office property located in Winter Haven, Florida. The loan was one of the first arranged through Hunt Mortgage Group’s Proprietary Loan Team, the firm’s balance sheet lending platform.
“Our new Proprietary Loan platform provides balance sheet loans to finance properties in all asset classes other than hotels,” explained Dan Eibler, Director for commercial real estate at Hunt Mortgage Group. “This includes: manufactured housing, healthcare/senior living, office, industrial, retail, self-storage facilities in addition to multifamily properties.”
Medical Villages at Winter Haven is a 36,579 sq. ft. single story, Class A medical office building situated on a 4.23 acre parcel. The property is located at 7450-90 Cypress Gardens Boulevard.
The borrower, Winter Haven Medical Properties, LP, purchased the property for $8.5 million. The term of the loan is 10-year with a 30-year amortization schedule.
“Built in 2007, Medical Villages at Winter Haven was renovated and converted into a medical office property in 2014,” added Eibler. “It is currently 96% occupied by fourteen new medical office tenants.”
The property is located between the Orlando and Tampa metropolitan areas and has good access to highways and public transportation. Retail and commercial services are readily available along major thoroughfares, and the property is approximately eight miles southeast of the 527-bed Winter Haven Hospital.
“The deal sponsors have extensive experience in the medical office market, with ten Class A and Class B properties in Florida, Texas, North Carolina, and Ohio. Additionally, the Winter Haven market is a strong medical office market,” said Eibler.
Steve Shore a Principal with BlueMark Capital was the mortgage banker for this transaction. “Steve has been my good client for more than 15 years. I look forward to working with him, and with his clients, in the future,” said Eibler.
The deal team at Hunt included: Eibler, Dan Wolins, George Winckler and April Swan-Rosney.
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