NEW YORK, NY--(Marketwired - Jan 21, 2015) - Hunt Mortgage Group, a commercial real estate lender, announced today that it refinanced seven multifamily properties using Freddie Mac loan facilities. The properties are located in a variety of markets and the total Hunt Mortgage Group investment was $192.4 million.
- 11 North at White Oak. Hunt Mortgage Group provided a $44.3 million loan to refinance 11 North at White Oak, a 1,184-unit, garden-style apartment complex located in Richmond, Virginia. The loan will refinance an existing bridge loan of approximately $29.1 million The borrower originally acquired the property, formerly known as Seven Gables, in January 2013 and has spent nearly $3 million in renovations since acquisition.
- Allanza at the Lakes. Allanza at the Lakes is an 896-unit garden-style apartment complex located in Las Vegas, Nevada. Hunt Mortgage Group provided a $47.4 million loan to refinance existing debt on the property. Built in 1986 and renovated in 2007, the property is comprised of 56 two-story residential buildings, a one-story office/clubhouse building, five one-story poolside buildings, and a one-story clubhouse building with a living room, fitness center and maintenance room.
- Cambridge Place Apartments. Hunt Mortgage Group provided a $10 million loan to refinance Cambridge Place Apartments, a 336-unit garden-style apartment complex located in Houston, Texas. Built in 1984, the property is comprised of 20 two- and three-story residential buildings and a single-story leasing office.
- Knollwood Apartments. Knollwood Apartments is a 608-unit garden-style multifamily property located in Hazelwood, Missouri. Hunt provided a $20.7 million loan to refinance existing debt on the property. The borrower originally acquired the property in January 2013 and has spent $2.1 million in renovations since acquisition.
- Paces Village. Hunt Mortgage Group provided a $9 million loan to refinance Paces Village, a 198-unit garden-style multifamily facility located in Greensboro, North Carolina. The property was purchased by the borrower in December 2013.
- Westchase Ranch Apartments. Hunt Mortgage Group provided a $22.7 million loan to refinance Westchase Ranch Apartments, a 776-unit garden-style apartment complex located in Houston, TX. The borrower has completed approximately $1.41 million in aesthetic improvements to the property since acquisition. The proposed financing will be used to provide long-term financing for the property.
- Marina Shores. Marina Shores is a 392-unit garden-style apartment complex located in Virginia Beach, Virginia. Hunt Mortgage Group provided a $38 million loan to refinance the property that was built in 1991. The property is comprised of 13 three-story residential buildings and one clubhouse/fitness center.
The loans on all seven facilities include a 7-year term and a 30-year amortization period.
"Our client did an excellent job improving the operations during their brief ownership period and this allowed us to return a significant portion of their equity," commented John Beam, Managing Director at Hunt Mortgage Group.
Added Keith Morris, Vice President Mortgage Banking at Hunt, "Freddie Mac worked with us to deliver a great interest rate in an expedited timeframe. These were solid transactions for Hunt. What a wonderful way to end 2014."
