NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a first mortgage bridge loan in the amount of $30.5 million to finance the acquisition and renovation of the 240-unit Mountain Park Apartments in Phoenix, Arizona.
Located in prestigious Ahwatukee Foothills Village, Mountain Park is a garden-style community offering generous square footage (961 square feet per unit weighted average) and a host of on-site and nearby amenities to drive demand. Residents enjoy access to Mountain Park Ranch HOA’s six pools, parks and recreational facilities, Sun Ray Park’s playing fields and lighted sport courts, and the South Mountain open space preserve, all immediately adjacent to the property. Ahwatukee and Chandler premium shopping and dining opportunities are also close at hand.
“The large employers are right there, and more are coming,” says KB Development’s CEO Khosro Khaloghli. “The Ahwatukee Foothills multifamily submarket is perfectly positioned to exceed performance expectations, something I continually strive for.”
“Across their Phoenix portfolio, the sponsor has greatly improved property operations in a short period of time,” noted Peter Clasquin, Managing Director at Hunt Mortgage Group. “This performance enabled us to project Mountain Park’s future cash flow based on the same improvements and business model. We are proud to partner again with KB Development on this high-quality transaction.”
The sponsor, KB Development, has built and developed more than 5,800 residential and multi-residential units over the last forty years, and more than 7,300,000 square feet of warehouse, distribution and office buildings. KB is known for developing strong management and maintenance teams and keeping them motivated to excel, with emphasis on attention to detail and providing exceptional responsiveness to tenants.
This acquisition represents KB Development’s fourth significant Phoenix-area multifamily purchase since 2015, all financed through Hunt Mortgage Group. Overall the sponsor has obtained $126.4 million of financing to acquire 1,232 units in this market. KB’s past transactions with Hunt Mortgage Group include a $35 million loan facility to finance the acquisition of Stone Canyon, 392-unit garden-style apartment complex located in Mesa, Arizona, a $29 million loan for Mountainside Apartments, a 288-unit multifamily property located in Ahwatukee, Arizona, and a $31.8 million loan for Arboretum at South Mountain, a 312-unit property in Ahwatukee. These three acquisitions were financed through Freddie Mac and are performing well.
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