NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided two Fannie Mae small balance loan facilities to refinance two multifamily properties in Arizona for the same sponsor. The total Hunt Mortgage Group investment was $10.3 million.
The properties include:
Urban 55 Apartment Homes. Urban 55 Apartment Homes is located at 5038 North 55th Ave. in Glendale, Arizona, and is a garden-style apartment property comprised of 12 residential buildings and a leasing office with a total of 209 units. The property was built in 1984 and is currently 99% occupied. Hunt invested $6 million to refinance this property.
The new loan will have an initial three-years of interest only payments, followed by a 30-year amortization schedule and will be used to pay off the existing loan on the property with cash-out proceeds being used to continue remodeling the property. Urban 55 Apartment Homes has been in the borrower’s family since 2006 and the current sponsor took over management approximately four years ago. She has operated the property successfully since then and it is currently performing very well.
Urban Edge Apartment Homes. Hunt Mortgage Group invested $10.3 million to refinance Urban Edge Apartment Homes, a garden-style multifamily property comprised of five residential buildings and a pool equipment room with a total of 124 units. The property is located at 4038 & 4116 East McDowell Road in Phoenix, Arizona, was built in 1979, and is 99% occupied.
The new loan will also pay off the existing loan and be used to continue remodeling the property. The loan has a fixed rate for the initial ten years of the loan, followed by 10-years of floating rate payments. The loan will have an initial three years of interest only payments, followed by a 30-year amortization schedule. This property has an outdoor pool.
“The borrower is a repeat Hunt Mortgage Group and Freddie Mac client, and together we refinanced Arbor Creek Apartments in mid-2016,” noted Owen Breheny, Director at Hunt Mortgage Group and part of the firm’s dedicated small balance loan team. “These properties are perfect for a refinance under the Freddie Mac small balance loan program. The properties are in good condition and are backed by a quality, experienced sponsor. We were pleased to deliver on these loans to provide much needed quality affordable housing in the local market.”
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12 billion. Headquartered in New York City, Hunt Mortgage Group has 189 professionals in 20 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com