NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $5.9 million Fannie Mae loan facility to refinance a multifamily property located in Chula Vista, California.
Moss Gardens Apartments is a 79-unit garden style apartment community that is comprised of six, two-story apartment buildings. The property was developed in 1985 with 49,100 square feet of rentable space and is situated on a 1.69 acre parcel of land.
The borrower is an experienced multifamily company that owns and operates around 900 rental units in the Chula Vista area. The borrower rate locked and closed a 10 year term loan with a 3.97% rate and a 30 year amortization schedule. Yield maintenance will apply during the first 9.5 years.
The Borrowers are seasoned commercial real estate investors with tenure in the industry that dates back to the 1970’s,” noted Krage Olrich, Managing Director at Hunt Mortgage Group. “Hunt has three loans in its portfolio with this Borrower, including the existing loan on Moss Gardens Apartment property.
The unit mix consists of 15 studios, 30 one-bedroom, one-bathroom units and 44 two-bedroom, one-bathroom apartments. The property offers 81 parking spaces on-site and is currently 100% occupied.
“Since the beginning of 2012, the owners have spent approximately $226,000 in repairs to the exteriors, interiors, roofs, windows/doors, landscaping, appliance replacement, flooring replacement, and resurfacing of parking areas,” added Olrich. “Moss Gardens Apartments is in good condition and benefits from a very strong historical occupancy.”
Moss Gardens Apartments is located in southern San Diego County, 10 miles south of downtown San Diego and less than 8 miles from the Mexican border. Chula Vista and Moss Gardens are served by multiple interstates and California State Routes, including Interstate 5 that is one of San Diego’s most important transportation corridors and begins south of the city, connecting it with North County and the rest of California. The property neighbors are single-family homes and apartment complexes however, development to the west includes a mix of multifamily and commercial complexes.
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