NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $27.3 million Fannie Mae DUS loan facility to refinance a mixed-use multifamily and commercial property located in Portland, Oregon.
Southpark Square Apartments, built in 1988, is comprised of two buildings above two subterranean levels of parking. The property has 191 apartment units and 15,006 square feet of retail space distributed in eight suites. The first building has 13 stories with 184 units and the second is a four-story building with seven apartments.
The commercial space is distributed in nine suites; eight leased to seven tenants and one vacant space for an overall 96% occupancy. The commercial tenants offer services that complement the residential use and include: two restaurants, a medical office, an urban planner, a spa center and a convenience store. Three of the tenants have occupied their space for 17 to 21 years and the other four have been in their locations for five to seven years.
The borrower is TR Southpark Square Corporation, a Delaware corporation.
“The borrower purchased Southpark Square Apartments in 1990 and is a repeat Hunt Mortgage Group and Fannie Mae client,” said Steven Cox, Managing Director at Hunt Mortgage Group. “Since acquisition the borrower has invested more than $9.8 million in capital repairs and upgrades, and today the property is in excellent condition.
“Southpark Square is also well located in an urban built-out neighborhood with complimentary uses including apartments and commercial space,” added Cox. “The owner renovated 177 units in 2007; the remaining 14 units are occupied and will be upgraded in the near future.”
Property amenities include: laundry facilities, fitness center, racquetball court, swimming pool, and business center. Southpark Square Apartments also has parking for 187 cars and bicycle storage in the subterranean garage. The unit mix includes a variety of floor plans with studios, one-bedroom, two-bedroom, three-bedroom and four-bedroom apartments.
The property is located a block from Portland State University. “Despite its mix of student renters, students must qualify to rent a unit at Southpark the same way as conventional residents and the property occupancy does not decline during the summer months. We were pleased to provide the financing on this deal to a repeat Hunt Mortgage Group customer,” concluded Cox.
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.