Dealmaker: Hunt Mortgage Group Provides $27M in Fannie Mae, Freddie Mac Funds
Tucker, Michael email@example.com
Hunt Mortgage Group, New York, provided $27.2 million in Fannie Mae and Freddie Mac funds for multifamily properties in Virginia, Ohio and Florida.
In Virginia Beach, Va., Hunt provided a $14.08 million Fannie Mae loan to Waterside DNB LLC for its Waterside at Lynnhaven property. The 192-unit asset was developed in 1966.
Hunt Mortgage Group Managing Director Steven Cox said the 12-year loan includes seven years of interest-only payments followed by 30-year amortization.
In Springfield, Ohio, Hunt provided a $7.4 million Freddie Mac loan to refinance Stone Crossing Apartments, a 142-unit garden-style community. JRM Springfield Holdings LLC, Columbus, Ohio, owns the property. The new loan is a seven-year, variable rate loan.
"The borrower acquired the property in 2008," said Hunt Mortgage Group Managing Director Gregory Cazel. "At that time the property was comprised of 36 units that were built in 1967. Upon acquisition, the borrower demolished six of the units, renovated the remaining 30 and built an additional 112 units." He noted that the new units are all 989-square-foot two-bedroom apartments.
Hunt Mortgage Group also financed three Florida properties. "All three properties are performing well and are located in quality markets," said Hunt Mortgage Group Director Marc Suarez.
Suarez noted that the properties included:
--Eastwood Oaks Apartments in Hilliard, Fla., which received a $3.5 million Freddie Mac loan.
--Beachside Apartments in Daytona Beach, Fla., received a $1.3 million Fannie Mae refinancing loan. The 10-year facility with a 30-year amortization schedule included a five-year interest-only period with a stepdown prepayment.
--In Pompano Beach, Fla., 521 NW 35th Court Apartments, a 19-unit property, received a $1 million Freddie Mac acquisition loan. The five-year loan included a 30-year amortization schedule.