Dealmaker: Hunt Mortgage Group Refinances Four Multifamily Properties

Hunt Mortgage Group, New York, provided $35.6 million in Freddie Mac funds to refinance four multifamily properties.

Hunt refinanced two multifamily communities in Jackson, Tenn. The properties, Camellia Trace Apartments and Cherry Grove Apartments, received adjustable-rate mortgages totaling $31.1 million.

Camellia Trace Apartments, a 212-unit property, received $11.2 million. The borrower has invested $600,000 in the property since acquiring it in 2011. Cherry Grove Apartments with 380 units received $19.9 million. The borrower acquired the property in 2011 and has invested $1.7 million in it.

“Financing in this market illustrates Freddie Mac’s commitment to providing housing finance to a broad spectrum of renters,” said Hunt Managing Director John Beam. “Stable investments from the borrower’s viewpoint, these properties have shown continuous bottom-line growth over the last five years.”

Hunt also provided $4.5 million in Freddie Mac Small Balance financing to refinance properties in Washington, D.C. and Washington.

The Wisteria, a 20-unit property in northwest Washington, D.C., received a $3 million five-plus-15 hybrid ARM loan with one year interest-only amortization and a 30-year amortization schedule thereafter. The three-story building dates to 1916. And the 54-unit Chestnut Street Apartments in Clarkston, Wash., received $1.5 million. The 10-year fixed-rate loan has a 30-year amortization schedule after two years of interest-only payments.

“The Freddie Mac small balance loan product is extremely competitive and attractive in the smaller multifamily sector; we have been leveraging it to secure financing for a number of clients,” said Hunt Vice President Michael Abbasfard.