Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided loan facilities to finance two multifamily properties for the same sponsor. The properties are located in Virginia and Maryland and the total Hunt Mortgage Group Investment is $22.84 million.
"This is the third and fourth deals we have closed recently for this sponsor," commented Steven Cox, Managing Director at Hunt Mortgage Group. "The borrowers are seasoned, quality multifamily commercial real estate and multifamily investors. We were pleased to partner with them again on these deals."
The properties include:
- Trellis at Lees Mill Apartments. Located at 308 Charles Street in Newport News, Virginia, Trellis at Lees Mill Apartments is 176-unit garden-sty apartment community that has a total of 12 buildings. Hunt Mortgage Group provided a $10.4 million conventional multifamily loan to secure the acquisition of this property. The loan term is 12-years with four-years of interest only.
The previous owner spent more than $500,000 in capital improvement in the property over the past three years. Projects have included repairs to building exteriors, HVAC and water heater replacement, appliance replacement and cabinet and flooring replacement. Property amenities include an outdoor pool, onsite laundry, and playground.
- Hickory Hill Apartments. Hunt Mortgage Group provided a $12.44 million loan to refinance Hickory Hill Apartments, a 162–unit apartment community comprised of nine, one to three-story buildings and a clubhouse/office building. The property is located in Frederick, Maryland, was developed in 1981 and is situated on a 9.074 acre parcel of land. The property offers 306 parking spaces. The loan term is 12-years with 5-years of interest only.
- Over the past three years, the owner has renovated the basketball court striping, installed new balconies and railings and completed new parking striping. Complex amenities include a swimming pool and clubhouse, basketball courts, a playground, and BBQ area.
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 222 professionals in 24 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.