NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $5.5 million to finance the acquisition of an affordable multifamily property located in Philadelphia, Pennsylvania.
Reach Lofts Apartments is located at 1701-1707 Tulip Street, and consists of a five-story apartment building containing a total of 30 residential units.
The borrower is MM Equity Partners Philly LLC, a single-asset Limited Liability Company formed in the State of Delaware that is managed by Elie Mamiye. The transaction is a seven-year fixed rate loan with an overall loan term of 84 months, with the first two years interest-only followed by seven years of 30-years amortization and a yield maintenance prepayment schedule.
“Reach Loft Apartments was built in 1900 and was originally a baseball making factory,” explained Harris Heller, Managing Director at Hunt Mortgage Group. “The seller performed a gut renovation in 2015 repurposing the property into a multifamily property at a renovation cost of approximately $3.6 million.”
The unit mix consists of 21, one-bedroom, one bathroom apartments; seven two-bedroom, one- bathroom units; and two, two-bedroom, two-bathroom apartments. Property amenities include in–unit washer and dryers, bike storage, and a furnished roof deck that is accessible to the tenants.
“Reach Loft Apartments is located in the Fishtown section of the city of Philadelphia, approximately 2 miles north of the city’s central business district,” added Heller. “The area has seen a renaissance in the past couple of years and the outlook for the neighborhood is positive. We were pleased to provide the financing to secure the acquisition of this unique property.”
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 $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States.
To learn more, visit www.huntmortgagegroup.com