NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $7 million Freddie Mac loan facility to refinance a multifamily property located in Freedom, California.
Pajaro Vista Apartments is a 106-unit complex comprised of two, three-story garden style multi-family residential buildings, a community building and a single-storage building. There is an age restriction in-place at the property that requires all tenants to be at least 62 years of age.
“Pajaro Vista Apartments has shown a steady operating performance with a positive trend in net collections and has demonstrated a stable physical occupancy range of 92-100% over the past two and a half years,” noted Richard Olrich, Managing Director at Hunt Mortgage Group. “The property was built in 1979 by the borrower, is in good condition and benefits from solid curb appeal. In addition, the borrower recently spent more than $100,000 in capital repairs to improve the property, including flooring, appliance replacement, water heater and replacement sheetrock repairs.”
The borrower is Pajaro Vista Apartments, L.P., a California limited partnership.
“The borrower is a seasoned, conservative investor with over 30 years of positive experiences owning multifamily properties in Central and Northern California,” added Olrich. “In addition, he is a repeat Freddie Mac client in good standing on all his investments.”
Property amenities include a leasing office, community building, gated community with on-site manager, wall mounted heaters, mature landscaping, and laundry room. Parking is provided on-site via 47 open spaces and 18 covered spaces.
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is nationwide specialty finance company focused on commercial real estate. 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 14 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com