NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $10.2 million Freddie Mac loan to finance the acquisition of a multifamily property located in Orlando, Florida.
The Park at Savino is a 200-unit, garden style apartment complex located on an 11.89-acre site at 1980 Lake Fountain Drive in Orlando. The property consists of ten primary buildings and three non-residential buildings that house the leasing office/clubhouse, fitness center and maintenance building.
Built in built in 1985, The Park at Savino is in good condition and is currently 98% occupied. The property includes a mix of one- and two-bedroom apartments. The loan facility will also be used to cover closing costs and undertake some immediate property repairs.
The borrower is FVP NKP Savino, LLC a Florida limited liability company. The loan term is 7 years with two years of interest only, amortizing over 30 years at a fixed rate of 3.68%.
“The borrowers are repeat Hunt Mortgage Group clients,” noted Marc Suarez, Senior Vice President at Hunt Mortgage Group. “Apartment demand in the Orlando area has been strong over the past year and is expected to remain so for the long-term. We were pleased to deliver for this repeat client on this transaction.”
The Park at Savino is located approximately 14 miles southwest of Walt Disney World, in an area that continues to experience population and household growth across all areas. It offers close proximity to major thoroughfares and provides convenient access to downtown Orlando as well as all the tourism and retail corridor demand drivers. There are plentiful supporting uses to create ongoing demand for the subject property.
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a market leader focused on financing commercial real estate throughout the United States. The Company finances all types of multifamily properties (including small balance), affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities nationwide. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own proprietary loan products. The Company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 139 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com