Dealmaker: Hunt Mortgage Group Provides $50M in Connecticut, Arizona

Hunt Mortgage Group, New York, provided $49.5 million for a Stamford, Conn. mixed-use property and an Arizona multifamily property.

In Stamford, Hunt provided a $28 million bridge loan to recapitalize and renovate Park Square West Apartments, a mixed-use multifamily and commercial property.

Built in 1999, Park Square West Apartments includes 143 residential units and two commercial spaces on nine stories. The residential component is currently 92 percent occupied and the commercial component is fully occupied.

“Since acquiring this property, the borrower has invested $367,000 in a variety of capital improvements, including repainting the common areas, replacing common area carpeting, lighting and security upgrades and interior renovations on eights units,” said Hunt Mortgage Group Managing Director Steven Cox.

The new loan was structured to include a $703,000 capital improvement reserve that will go toward continued renovation and improvement of the property. Cox noted that the 24-month floating-rate loan included three one-year extension options.

Stamford is 35 miles from Midtown Manhattan; many residents within the MSA commute to New York City, which helps sustain income growth and support its housing and consumer industries, Cox said.

Hunt also provided a $21.5 million Fannie Mae loan to refinance Desert Sands Apartment Homes in Casa Grande, Ariz. The property, a 323-unit garden-style community, delivered in 2008.

Borrower HSL Desert Sands Properties LLC received a 10-year loan with amortization based on a 30-year schedule. Yield maintenance will apply during the first 9.5 years.

Vic Clark, Senior Managing Director and National Production Leader with Hunt Mortgage Group, said HSL Desert Sands Properties acquired the property in 2010 during the national economic downturn.

Casa Grande is 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. Clark said the Casa Grande submarket is growing well alongside the greater Phoenix metro as one of the outlying suburbs with lower living costs and a “manageable” commute into Phoenix.