NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a loan in the amount of $13.6 million to refinance a multifamily property located in Kalamazoo, Michigan.
Lakeview Apartments is a garden style, two-story residential apartment complex with a total of 280 units. The transaction is structured as a ten-year term with two-years of interest-only at a fixed rate amortizing over 30 years. The borrower is PR Lakeview, LLC.
“The borrower acquired Lakeview Apartments in March 2011and the property was considered to be a value-add opportunity,” noted Marc Suarez Director, at Hunt Mortgage Group. “The apartment complex was built in 1967 and the borrower invested $2 million in 2011 to renovate the property.”
Property amenities include controlled access, a fitness center and health club discount, laundry facilities, on-site maintenance, package service, on-site property management, leasing office, clubhouse and surface parking.
“The borrower is a knowledgeable and experienced commercial real estate and multifamily investor,” added Suarez. “The property is performing well and is currently 93% occupied. We were pleased to partner with this experienced Florida-based sponsor to deliver on this loan.”
Lakeview Apartments is located in Kalamazoo, the county seat of Kalamazoo County, Michigan, which is located 120 miles west of Detroit.
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 232 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com