Dealmaker: Hunt Mortgage Group Refinances Five Apartments in Florida, Texas

Hunt Mortgage Group, New York, provided $42.5 million in Fannie Mae loans to refinance five multifamily assets in Florida and Texas.

Hunt placed Fannie Mae Multifamily Affordable Housing loans on four Florida properties and Fannie Mae market-rate loans on a Texas community.

The Florida properties include:
–Metro Place I & II in Orlando. Hunt Mortgage Group provided a 10-year fixed-rate $18.4 million loan to refinance the 536-unit garden-style property.

–Brandywood in Orlando. This 1985-vintage asset received a 10-year fixed-rate $2.78 million loan.

–Hidden Creek Villas in Orlando. Hunt Mortgage Group provided a $6.35 million 10-year fixed-rate loan to refinance the 304-unit property.

–Bella Lago in Orlando. Hunt provided a $4 million, 10-year fixed-rate loan for 156-unit garden-style community fronting Lake Buchanan.

Hunt Mortgage Group also provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a Texas City, Texas multifamily property. The 10-year loan’s terms include five years of interest-only, a 30-year amortization schedule and a 9.5 year yield maintenance period.

Hunt Managing Director Vic Clark said Charles Nickson acquired control of Lakeview Apartments in 1993.

“Consumer confidence has been low in the area due to the decline in the energy industry. This has also subdued residential construction and in turn boosted the appeal of multifamily renting over home ownership,” Clark said. “Longer term, homebuilding should rebound once oil prices recover, but in the meantime quality rental properties are faring well.” He said Lakeview Apartments has performed well and is currently 96 percent occupied.