Dealmaker: Hunt Mortgage Group Finances $126M for Multifamily
Hunt Mortgage Group, New York, secured $126.4 million for 10 apartment properties in Texas and Pennsylvania.
John Beam, Managing Director with Hunt Mortgage Group, secured $118.6 million for an eight-loan portfolio in Texas. All eight floating-rate, seven-year loans amortize over 30 years and include three years of interest-only payments.
The financed properties include:
–Fireside at Eastchase. Hunt placed an $11 million loan on this Fort Worth community. Built in 1999, the property includes 104 units on 11 acres.
–Hastings Place apartments in Houston. Hunt Mortgage Group provided $11.2 million secured by this 176-unit garden-style property.
–Idlewyld Village in Dallas, which received $17.4 million. Stirling Court, a 228-unit garden-style community in Houston, which received $11.8 million.
–Ashford Park in Arlington, Texas, which encompasses two non-contiguous parcels totaling 10.6 acres. Hunt Mortgage Group $11.8 million for this asset.
–Trinity Apartments in Irving secured a $26.5 million loan. The property, built in 1984, includes 496 units on 20 acres.
–Village Green in Euless, Texas, in metro Dallas/Fort Worth. Hunt Mortgage Group provided an $18.8 million loan for this 1984-vintage property.
–Elsewhere in Euless, Hunt Mortgage Group placed a $9.9 million loan on Park Place Townhomes, which includes 97 multifamily townhomes in 14 two-story buildings.
Hunt Mortgage Group also provided $7.8 million to a Philadelphia multifamily owner through its Small Balance Loan program. The loans are 10-year fixed-rate transactions with 30-year amortization after a three-year interest-only period, said Hunt Mortgage Group Managing Director Bryan Cullen. “A potential problem was averted as we worked through the process of securing the financing as Freddie was increasing their spreads throughout the process and we needed a timely delivery to grandfather the interest rate.” he said.
The loans include $4.8 million for Washington Square Apartments, a 29-unit mixed-use property in West Chester, Pa., and $4.3 million for the Printing House, a 27-unit property in Philadelphia. The Printing House was built in 1899 and renovated in 1999.
Freddie Mac’s program allows for balances up to $5 million. Cullen said the borrower has more than 40 years of multifamily real estate experience “but this was his first time using the Freddie Mac program,” he noted.
