NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a $10.4 million Fannie Mae conventional mortgage to refinance Highland Meadows, a 588-unit garden style apartment community built in 1975 and located south of the Memphis central business district, adjacent to the Memphis International Airport.
The Borrower acquired the Property in 2012 when it was 52% occupied and completed over $2.9 million of renovations to the property that included exterior siding replacement, additional lighting, roof repairs, a new pool deck, pond repairs, sidewalk and fence repairs, the installation of video/security monitoring and the installation of an automatic entry gate.
“The borrower entered into a PILOT Agreement with the Health, Educational and Housing Board of the City of Memphis that stands until 2022,” explained Keith Morris, Vice President in the Atlanta office of Hunt Mortgage Group. “The property agreed to lease approximately 20% of the units to tenants that make 60% of Area Median Income.”
“The borrower has increased occupancy to over 90% and the ten-year loan will help their business plan by providing over $1.1 million for additional renovations” added Morris.
“The property enjoys good curb appeal and is superior to other properties in the neighborhood. We were pleased to provide this loan to a quality sponsor,” concluded Morris.
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 $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 221 professionals in 24 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.