NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $3.37 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property, located at 1300, 1350, 1365, and 1435 Cody Parkway, in Platteville, WI.
The Borrower is a Wisconsin limited liability company that was formed in April 2008 and is backed by Robert P. Cody. The loan term is 12-years with 11.5-years yield maintenance, and a 30-year amortization schedule.
Prairie View Apartments consists of four buildings. The structures at 1300 and 1350 Cody Parkway are two, eight-unit buildings that are contiguous to each other, 1365 Cody Parkway is a 32-unit building located across the street, and 1435 Cody Parkway is an eight-unit building that is non-contiguous to the other three buildings. The three, eight-unit buildings were originally constructed as condominium units but were converted to multifamily rentals by the owner.
“Prairie View Apartments was built by the borrower in 2007 and 2008. The property has been maintained in excellent condition since construction and no items of deferred maintenance were identified,” commented Owen Breheny, Senior Vice President Mortgage Banking at Hunt Mortgage Group. “Robert is a seasoned commercial real estate investor and manager. Since 1996, he has overseen the land development for over 200 units and has personally built 98 apartment units.”
Cody owns R. Cody Real Estate Development, a full service real estate development company that focuses on the construction and development of residential housing in Platteville and the surrounding suburbs. The company handles all aspects of property management including leasing, maintenance, and marketing.
The unit mix at Prairie View consists of eight efficiency units, 16 one-bedroom, one-bathroom apartments, 28 two-bedroom, two-bathroom units, and four three-bedroom, two-bathroom apartments for a total net rentable area of approximately 59,168 square feet.
“Prairie View Apartments is currently 100% occupied and is located in a neighborhood that is primarily residential in nature,” added Breheny. “We were pleased to deliver on this loan to a quality local owner-operator.”
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