NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has refinanced an eight property portfolio in California for a total investment of $160 million. The properties were all refinanced using Fannie Mae Choice Refinance facilities and carry a ten-year term amortizing over 30 years.
The borrower is a private investor located in Southern California and a Hunt Mortgage Group and Fannie Mae Sponsor for 17 years. The properties include:
Beachbrook Village Apartments. Hunt Mortgage Group provided a $21 million loan to refinance 420 Beachbrook Village Apartments, a 95-unit garden-style apartment community located in Redondo Beach, California. The property is comprised of a five story apartment building that was developed in 1971 with 71,098 square feet of rentable space. The site is situated on a 1.09 acre parcel of land and the property offers 150 parking spaces. The property currently has one vacant unit.
Copa Pacific Apartments. Located in Torrance, California, Copa Pacific Apartments is a 149-unit garden-style apartment community. Hunt Mortgage Group provided a $30 million loan to refinance Copa Pacific Apartments a property that is comprised of 10, two-story apartment buildings. The property was developed in 1967 with 128,176 square feet of rentable space on a 2.94 acre parcel of land. The property offers 222 parking spaces and currently has one vacant unit.
Crystal Cove Beach Resort. Crystal Cove is a multifamily property in good condition in an excellent location at Hermosa Beach, famous for its beach and volleyball courts. The property was built in 1971 and was completely renovated between 2008 and 2010 at a cost of over $4 million. Crystal Cove is a garden-style complex comprised of four buildings totalling 160 units and 11,193 square feet of commercial space including a clubhouse and restaurant. Hunt Mortgage Group provided a loan in the amount of $39 million to refinance Crystal Cove, located in Redondo Beach, California.
Hillside Plaza Apartments. Hunt Mortgage Group provided a loan in the amount of $6.6 million to refinance Hillside Plaza Apartments, a 48-unit garden-style apartment community. Located in Lomita, California, the property is comprised of a two-story apartment building. The property was developed in 1962 with 30,150 square feet of rentable space and is situated on a 0.88 acre parcel of land. Hillside Plaza offers 48 parking spaces and currently has two vacant units.
Marina Bay Apartments. Located in Hermosa Beach, California, Marina Bay Apartments is a 95-unit garden style apartment community. Comprised of six, two-story apartment buildings, Hunt Mortgage Group provided a loan in the amount of $18 million to refinance Marina Bay Apartments. The property was developed in 1964 with 50,275 square feet of rentable space situated on a 1.99 acre parcel of land. The property offers 96 parking spaces and currently has three vacant units.
Peppertree Apartments. Hunt Mortgage Group provided a $21 million loan to refinance Peppertree Apartments, a 100-unit garden style apartment community located in Hermosa Beach, California. Peppertree Apartments is comprised of nine, two-story apartment buildings developed in 1972 with 68,720 square feet of rentable space situated on a 2.75 acre parcel of land. The property offers 141 parking spaces and currently has one vacant unit.
Sea Breeze Apartments. Sea Breeze Apartments is a garden-style apartment community comprised of two, two-story buildings and a total of 56 units. The property is in good condition and is well located a half mile from the Pacific Ocean and Riviera Village in Redondo Beach, California. Hunt Mortgage Group provided a $9.8 million loan to refinance Sea Breeze Apartments. The property was built in 1960, and many of the major systems have been replaced over the years and units have been renovated.
The Madrid Apartments. Hunt Mortgage Group provided a loan facility in the amount of $16 million to refinance The Madrid Apartments, a 78-unit garden-style apartment community, located in Redondo Beach, California. The property is comprised of a three-story apartment building that was built in in 1964 with 72,720 square feet rentable space. The site is situated on a 1.14 acre parcel of land and offers 94 parking spaces. The property currently has one vacant unit.
“The client is a seasoned commercial real estate and multifamily executive, as well as a long-term Hunt Mortgage Group and Fannie Mae client,” said Richard Olrich, Managing Director at Hunt Mortgage Group. “All the loans were early rate-lock transactions which benefits the borrower as it offers the ability to time the rate lock.”
“The properties in this portfolio are all in good condition, well-located, and benefit from historically stable occupancy rates,” added Olrich. “We were pleased to refinance this quality portfolio for such a strong sponsor.”
This business was sourced and processed by: Adam Leiden, Krage Olrich, Matt Olrich and Richard Olrich from the San Rafael office of Hunt Mortgage Group.
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a market leader focused on financing commercial real estate throughout the United States. The Company finances all types of multifamily properties (including small balance), affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities nationwide. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own proprietary loan products. The Company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 139 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.