Dealmaker: Hunt Mortgage Group Finances Two Texas Properties

Hunt Mortgage Group, New York, provided $52.4 million in Fannie Mae and Freddie Mac loans for assets in Katy and Waco, Texas.

Hunt provided a $25.4 million in Fannie Mae funds for 316-unit apartment property Fountains of Katy for borrower Fountains at Katy LLC. The transaction was structured with a floating-rate 10-year term with lockout for one year and 1 percent fixed prepayment premium and 30-year amortization with four years of interest-only.

“Fountains at Katy is located in the Houston-Woodlands-Sugar Land metro, a growing market that consistently supports the demand for multifamily housing,” said Hunt Mortgage Group Managing Director John Beam. “This is one of the first Fannie moderate rehabilitation loans we have done with a structured adjustable-rate mortgage that offers the borrower maximum loan dollars on a rehabilitated basis and the flexibility of a low fixed prepayment.”

Hunt also provided $26 million in Freddie Mac funds for Domain at Waco Apartments, a student housing property near Baylor University in Waco.

“The city of Waco includes a diverse mixture of residential, commercial, industrial and public land uses and the property is a newly built class-A project with a variety of amenities catering to students,” said Hunt Mortgage Group Director Yogesh Joshi. 

Joshi said the borrower has been an active commercial and multifamily real estate owner-operator for decades.