NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a Freddie Mac loan in the amount of $2.34 million to refinance a multifamily property located in Cambridge, Massachusetts.
The property, 19-25 Market Street, is a 16-unit, four-story walk up apartment building that is comprised entirely of three-bedroom, one-bathroom units. The borrower is Agora Market Street LLC, a Massachusetts State Limited Liability Company, backed by key principals Sean McReynolds and Justin Smith. Agora Market Street purchased the property in 2013 and the finance facility is a 10-year, fixed-rate, interest only loan.
“Since acquisition, the borrowers have completed significant improvements consisting primarily of new roofs and appliance replacements,” noted Hayley Suminski, Vice President at Hunt Mortgage Group. “The prior owner purchased the property in 1992 and performed a gut renovation, and the property has been well maintained ever since.”
Federal tax credits were applied and granted to the property by the Executive Office of Communities and Development in September 1995. The EOCD requires that all of the units at the property be leased to individuals or families whose income is 60% or less of the area median gross incomes. The property is currently 100% occupied.
“Agora, Sean McReynolds and Justin Smith are new Hunt Mortgage Group and Freddie Mac clients,” added Suminski. “The property is located in one of the strongest real estate markets in the country. This is a quality property that provides much needed affordable housing to the local community. We were pleased to provide the financing on this deal.”
The property is in an excellent location only a few blocks away from the MIT campus and two miles from Boston. Public transportation is within walking distance and shopping and services are readily accessible in the general vicinity.
“This is the first finance arrangement we have secured with Hunt Mortgage Group,” commented McReynolds. “Hunt was able to get up to speed quickly with our business plan and we were very pleased with the execution that Hayley and the Hunt team provided.”
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.