NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a FHA 223(f) loan in the amount of $2.3 million to refinance an affordable multifamily property located in Billings, Montana.
Located at 115 North 24th Avenue, Sage Tower Apartments is an 81 unit apartment complex that consists of a one, ten-story building complex. The property caters to low-income tenants that are 55 years and older, and physically handicapped residents.
The borrower is Sage Tower Partners, RLLLP, backed by key principals Henry K. Burgwyn and Christopher F. Downs.
The property is encumbered by a project based Section 8 HAP Contract covering all 81 of the units. The borrower has requested an application for mortgage insurance under Section 207 pursuant to 223(f) of the National Housing Act utilizing Multifamily Accelerated Processing (MAP) to provide for necessary project related improvements. The new loan has a 35-year term.
“The borrower and property management company have extensive experience as an owner, developer and management company for Low-Income Housing subsidized with Section 8 HAP Contracts, as well as market rate projects,” commented Stephen Wessler, Director - FHA Originations in the Affordable Housing Group at Hunt Mortgage Group. “The property is in good condition and immediate repairs will be addressed from the reserve account that will be funded to replace items nearing the end of their useful life.”
Sage Tower Apartments includes an attached rental office, two community rooms and a centralized community kitchen with dining hall. Other property amenities include a gazebo, onsite storage sheds and 43 open parking stalls.
“We were pleased to provide this financing for a quality sponsor to ensure the availability of quality affordable housing options in the Billings area,” added Wessler.
The local apartment market in Billings has remained strong as population has increased throughout the 1990’s and 2000’s. Occupancies are stable, with many market rate and affordable properties keeping a waiting list of prospective residents.
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.