NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $6.4 million Fannie Mae loan facility to finance the acquisition of a multifamily property located in Riverdale, Maryland.
River Crossing Apartments is comprised of three, three- and four-story apartment buildings containing a total of 104 units. The buildings were developed in 1963 and have 77,266 square-feet of rentable space. The property offers: two studio units; 58 one-bedroom, one-bathroom apartments: 40 two-bedroom, one- bathroom units; and four three-bedroom, one-bathroom apartments. The property also offers 75 open parking spaces.
The borrower is River Crossing DNB, LLC, a newly formed single asset entity. The loan term is 12 years with one year of interest only and yield maintenance will apply during the first 11.5 years. River Crossing is currently 98% occupied.
“The owners are repeat Fannie Mae and Hunt Mortgage Group clients,” explained Steven Cox, Managing Director at Hunt Mortgage Group. “Hunt Mortgage Group recently closed three transactions with the owners over the past year.”
River Crossing is located in Riverdale Park, formerly known as Riverdale, Maryland which is a semi-urban town in Prince George’s County. Riverdale Park is a suburb of Washington D.C. In addition, the subject is in close proximity to the University of Maryland, College Park.
“The owners are seasoned multifamily investors that are well versed in all aspects of acquisition, management and operations of commercial real estate,” added Cox. “This is a solid deal in a quality market. We were pleased to provide the financing on this deal to a repeat Hunt Mortgage Group customer.”
Surrounding properties are complimentary and include: office, retail, industrial, mixed-use properties along major arterials that are interspersed with multi-family complexes and single-family residential developments.
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