NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a conventional Fannie Mae loan in the amount of $14.4 million to refinance a multifamily property located in Lakeland, Florida.
Park at Verona is a garden-style apartment complex comprised of 236-units housed in 22 buildings. The unit mix includes 60 one-bedroom units, 100 two-bedroom apartments and 44 three-bedroom units.
The borrower has owned and operated the property since 2012 when it was acquired as part of a portfolio transaction. The transaction is structured for a 12-year term with an 11.5-year yield maintenance period and 30-year amortization with seven-years of interest only.
“Park at Verona was underperforming when it was acquired by the current owner and was considered a value-add opportunity,” noted Marc Suarez Director, at Hunt Mortgage Group. “Since acquisition the owner has completed approximately $2.6 million in capital improvements to the exteriors, common areas and interiors.”
Property amenities include a clubhouse, fitness center, two swimming pools, a sport court, playground, BBQ areas, car care center, centralized laundry facilities, on-site property management and 24-hour emergency maintenance.
“The borrower is a repeat Hunt Mortgage Group customer and fundamentals in the local area have markedly improved in the form of increased rental trends, lower vacancy rates and overall capitalization rate compression for the asset type,” added Suarez. “We were pleased to partner again with this repeat local sponsor.”
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 $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 198 professionals in 24 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.