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Dealmaker: Hunt Mortgage Group Finances $84M in Texas
Hunt Mortgage Group, New York, provided four loans totaling $84 million for multifamily properties in Texas.
In Farmers Branch, sponsor Charlie Yalamanchili and Ilan Investments LLC, acquired the Portofino at Las Colinas, a Class A four-story building built in 2006 with 224 units and an integrated six-level parking garage. The 10-year loan included one year of interest-only payments and a 9.5-year yield maintenance period.
Yalamanchili and Ilan Investments also acquired Vineyard Springs in northwest San Antonio near the Stone Oak area. The 364-unit garden-style community received a 10-year loan with one year of interest-only payments followed by a 30-year amortization schedule.
In Houston, Yalamanchili and Ilan Investments refinanced Thorntree Apartments, a 1979-vintage garden-style community with 224 units. The 10-year loan included a 30-year amortization schedule.
All three loans used Fannie Mae’s Green Rewards financing program, which allowed Hunt Mortgage Group to fund the borrower’s planned energy- and water-saving improvements and achieve lower interest rate pricing.
Hunt also provided a first mortgage bridge loan for two Dallas multifamily properties. The single loan included funds for acquisition and renovation and totaled $21.5 million.
Borrower Iliad Realty Group received a $18.2 million initial funding and will receive $3.2 million in future fundings. The 24-month floating-rate loan included three one-year options to extend the term.
The collateral properties include North Park Terrace, a 309-unit garden-style community built in 1973, and 174-unit property Pecan Tree Apartments.
Iliad Realty Group’s $3.2 million capital improvement plan will renovate both properties.