NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $4.8 million Fannie Mae loan facility to finance the acquisition a multifamily property located in Jackson, Mississippi.
Pebble Creek Apartments is a 150–unit garden style apartment community that is comprised of 26, two-story apartment buildings. The buildings were developed in 1973 with 145,186 square feet of rentable space situated on a 9.89-acre parcel of land.
The borrower is RoCo Real Estate LLC, a Bloomfield Hills, Michigan-based real estate investment firm headed by Tyler Ross and brothers Michael and David Colman. Including Pebble Creek, the firm owns in excess of 10,000 units in seven states, and plans to continue adding units in 2015. The loan term is ten years with amortization based on a 30 year schedule with 1 year of interest only. Yield maintenance will apply during the first 9.5 years.
“The borrowers are repeat Fannie Mae and Hunt Mortgage Group clients and are seasoned commercial real estate and multifamily investors,” noted Josh Messier, Vice President Mortgage Banking at Hunt Mortgage Group. “To date, Hunt Mortgage Group has closed a total of six transactions with the borrowers prior to this deal.”
The property offers 32 one-bedroom, one-bathroom units, 72 two-bedroom, two-bathroom units, 36 three-bedroom two-bathroom apartments, and 10 four-bedroom, two-and-a-half bathroom units. Amenities include: gated access, an in-ground outdoor swimming pool, 24 hour emergency maintenance and a laundry room. Pebble Creek Apartments also offers 325 open parking spaces.
“Pebble Creek has an attractive design overall, enjoys good curb appeal, and is currently 93% occupied,” continued Messier. “The property has also benefitted from recent capital improvements made on site, including new roofing, doors and windows, water heaters, HVAC, appliances, carpet and flooring. This was a solid deal that we were pleased to structure for our solid repeat customer.”
“Once again, working with Josh and his team at Hunt Mortgage Group proved to be a seamless process,” noted Kevin Roach, Director of Debt Financing at RoCo Real Estate. “Their expertise in the market, flexibility, delivery, and superior customer service continues to impress us and we look forward to closing more deals together in 2015.”
The property is located on the northwest corner of the intersection of Manhattan Road and Woodway Drive. It is a quiet residential neighborhood surrounded by similar vintage multifamily and single family residences.
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