NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $3.8 million Freddie Mac conventional loan to refinance a multifamily property located in Los Angeles, California. This is Hunt’s first loan closed under the new Freddie Mac Small Balance loan Program.
Under the new program launched last October, Hunt Mortgage Group provides small loans between $1-5 million to borrowers nationwide. Hunt is one of a select few lenders chosen by Freddie Mac to offer the Agency’s new Small Business Lending product.
The property is located in the Wilshire/Westlake submarket of Los Angeles and consists of 23 apartment units contained in two contiguous buildings. One of the buildings is a 4-story residential structure containing 18 units and the second building is a converted single-family home containing five units. The property is located in a primarily residential area in close proximity to retail and recreational facilities.
The deal was brought to Hunt by Brett Twente of Sequoia Commercial Lending, Inc. The loan is fixed for 5 years and floating for 15 years with 5 years of interest only.
“This property enjoys excellent visibility and access along West 5Th Street in Los Angeles,” commented Darrell Clark, Senior Vice President at Hunt Mortgage Group. “It is a unique building in architecture and design, with charming interior and exterior elements. And, it is considered to be superior to nearly all of the competition in the immediate market.”
“The Sponsors have spent over $150,000 in capital improvements over the last three years to keep the property in good condition,” added Clark. Property improvements included exterior painting, replacement of the hot water tank and the industrial steam boiler, replacement of windows, and interior unit upgrades including installation of hardwood flooring, lighting fixtures, and new drapes/rods for all units.
“Hunt is known as a national leader in structuring loans using Freddie Mac products and was honored to be selected by Freddie Mac to deliver these small balance loans. We are pleased to get the first loan under this new program in the books,” concluded Clark.
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