Hunt Mortgage Group Closes $46M in Multifamily Deals

Hunt Mortgage Group, New York, closed $46 million in two multifamily transactions in Florida and Texas.

Hunt provided $26.8 million for the Tampa 652 portfolio, which included four garden-style properties totaling 652 units in central Florida. 

The properties include:
–Puritan Place Apartments, a 232-unit property with 32 two-story buildings. 
–Rivertree Landing Apartments, a 1974-vintage property with 228 units. 
–Laurel Chase Apartments. Built in phases between 1967 and 1972, this property includes 122 units in nine buildings. 
–Palm River Apartments. Constructed in 1986, Palm River Apartments has 70 units.

Hunt Mortgage Group Managing Director Steven Cox said the loan included a $5.2 million capital expenditure holdback for property renovation. 

“The company acquiring these properties has extensive experience with the purchase and turnaround of under-performing multifamily assets,” Cox said.  “All of these properties are currently undergoing full renovation, repositioning and rebranding.”

Cox structured the financing as a two-year floating-rate loan with two six-month extension options.

In Irving, Texas, Hunt Mortgage Group provided $19.2 million in Fannie Mae funds on Ladera Ranch Apartments to borrower Aldwin Apartments, which purchased the garden-style property.

The 12-year loan included a 30-year amortization schedule following three years of interest-only payments.

“In 2014, the seller invested approximately $1.6 million in exterior improvements to the property, including a full clubhouse renovation and new exterior siding and painting,” said Hunt Mortgage Group Vice President Colin Cross, who managed the transaction.