NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced that it has provided a $5.904 million portfolio bridge loan to finance the acquisition of a Patio Village Apartments. The borrower purchased the Property from the Foundation of the Zoological Society of San Diego, a California nonprofit benefit corporation (the “San Diego Zoo”).
Patio Village Apartments is comprised of five, two-story buildings with a total of 50 units that was built in 1959 on 1.61 acres of land. The property is located at 8501 Glenhaven Street in San Diego.
“The former owners of Patio Village Apartments owned the property for close to 40 years and sold it to the San Diego Zoo in August 2014,” explained Steven Cox, Managing Director at Hunt Mortgage Group. “The new owners plan to complete necessary capital repairs to cure deferred maintenance and address systems due for replacement. These improvements should improve the overall curb appeal of the property.”
Patio Village Apartments is located in the Serra-Mesa area northeast of downtown San Diego in the Clairemont/Linda Vista Mission submarket. The property has good accessibility and is located about a mile from the Interstate 805 that connects residents with downtown San Diego. The property is also less than 10 miles from San Diego International Airport and the neighborhood has a shopping center anchored by a CVS Pharmacy store.
“The borrowers are experienced in acquiring and operating small apartment complexes and have a successful track record for repositioning similar properties,” added Cox. “The economic conditions in the Clairemont/Mesa/Mission submarket are stable with 4.0% vacancy and expected to remain below 5% through year-end 2016. We were able to rapidly close this financing in just 30 days. We were pleased that it came together so well.”
“Utilizing Hunt’s bridge program, we were successfully able to close this loan in less than 30 days, right at year end,” said Zach Casale Largo Real Estate Advisors, Inc. “Steve and his team worked tirelessly to ensure a timely and efficient closing. This is one of the many reasons Hunt is our go-to bridge and agency lender”.
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States.