Dealmaker: Hunt Mortgage Group Refinances MUD in Portland, Ore.

Hunt Mortgage Group, New York, provided a $27.3 million Fannie Mae Delegated Underwriting and Servicing loan to refinance a mixed-use multifamily and commercial property in northwest Portland, Ore.

The two-building Southpark Square includes 191 apartments and 15,000 square feet of retail space in nine suites; eight leased and one vacant space for an overall 96 percent occupancy. Commercial tenants include two restaurants, a medical office a spa and a convenience store. One 13-story building has 184 units and another four-story building includes seven more. 

Hunt Mortgage Group Managing Director Steven Cox said borrower TR Southpark Square Corp. purchased the property in 1990. “Since acquisition the borrower has invested more than $9.8 million in capital repairs and upgrades, and today the property is in excellent condition,” he said.

TR Southpark Square Corp.] renovated 177 units in 2007; the remaining 14 units are occupied and will be upgraded in the near future.

The property’s location one block from Portland State University attracts student renters. “Despite its mix of student renters, students must qualify to rent a unit at Southpark the same way as conventional residents and the property occupancy does not decline during the summer months,” Cox said.

In the Atlanta area, Hunt Mortgage Group financed Roco-Hidden Village LLC’s purchase of Hidden Villages Apartments by providing a $5 million Fannie Mae DUS loan.

The 1972-vintage community includes 180 units on 17 acres in the South Fulton submarket, eight miles from downtown Atlanta. Josh Messier, Hunt Mortgage Group vice president, structured the loan with a 10-year term with a 9.5-year yield maintenance period and 30-year amortization.