NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it provided a $44,437,000 Freddie Mac loan to facilitate the acquisition and upgrading of a multifamily property located in The Woodlands, Texas. The 7-year loan includes full-term interest-only payments.
The Park at Research Forest is a 396-unit apartment complex located at 8900 Research Park Drive in The Woodlands, a master-planned community in the northern suburbs of Houston. “The Woodlands is a growing market and has exhibited an increasing demand for high quality multifamily housing,” commented James Kelly, Vice President of Hunt Mortgage Group.
The Woodlands area has attracted major corporations and is home to several corporate campuses, most notably Chevron Phillips, Anadarko Petroleum Corporation, Huntsman, Woodforest National Bank, Baker Hughes, CB&I, McKesson Corporation, Hewitt Associates, Maersk Line, and Safmarine. Additionally, Exxon Mobile is relocating their headquarters to The Woodlands, a move that will bring 14,000-15,000 new jobs to the area.
Built in 2001, The Park at Research Forest is comprised of seventeen, three-story residential apartment buildings plus a two-story leasing office. Property amenities include a clubhouse with 2nd floor kitchen and game room, several lounges, a business center, fitness center, and Wi-Fi. A resort style outdoor pool is adjacent to the clubhouse building, with poolside barbeque grills.
“The Park at Research Forest is in excellent physical condition. However, due to the demand for high quality apartments, this is a value-add opportunity. The seller invested more than $2.5 million in upgrades to 263 apartments over the past two years and achieved substantial rent increases for those units as a direct result. Based on this success, the loan structure is designed to allow Southstar to complete the upgrades of all remaining units,” noted Kelly.
The transaction involved a 1031 Exchange and a borrower structure that included three tenants-in-common that were arranged by Southstar Capital Group. Southstar is a long-time Freddie Mac and Hunt borrower that has an excellent track record in the Houston market.
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