Dealmaker: Hunt Mortgage Group Secures $51M for Texas Retail, Multifamily Properties
Hunt Mortgage Group, New York, secured $51.2 million to refinance two retail assets and to construct a new multifamily property in Texas.
In Austin, Hunt refinanced two retail properties for the same sponsor. The properties included The Linc, a 179,000-square-foot community retail center currently 57.2 percent occupied. The property underperforms the submarket, which averages 97 percent occupancy. Hunt’s $11.2 million first mortgage bridge loan will refinance an existing loan, fund future leasing costs and cover capital expenditures to lease up and stabilize the property.
The Crescent, a 118,000-square-foot grocery-anchored retail center, received a $16.5 million bridge loan to refinance an existing loan, fund a CapEx reserve and cover future costs to lease up and stabilize the property, which is currently 54.5 percent occupied by 13 tenants including Dollar General and BB&T Bank. The property in the Central Austin submarket is 5.6 miles north of downtown Austin.
In Ennis, Texas, Hunt provided a $23.5 million FHA construction loan for Spyglass Apartments, to be built 45 miles south of downtown Dallas. When completed, Spyglass Apartments will have 192 units housed in nine wood-frame walk-up buildings.
“Spyglass Apartments is a new construction project designed to provide market-rate housing for local working professionals and families,” said Hunt Senior Vice President Jeff Jones. “The borrower will utilize green and energy-efficient measures to reduce operating costs and limit the overall impact of the property to the environment. Once built, the property will have National Green Building Standards Certification.”
Jones said the borrower, Spyglass Apartments of Ennis LP, is backed by Key Principal John Altman. “[Altman] is an experienced commercial real estate executive who has been developing real estate for more than 30 years,” Jones said. “He has extensive real estate experience that includes construction and structured financings, development, rehabilitation, ownership and management experience with multifamily properties.”
