Hunt Mortgage Group Finances Complex 19-Property Multifamily Portfolio in Southern CaliforniaNew York, NY — May 23rd, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it closed on a complex multifamily portfolio deal, placing 19 individual Freddie Mac Small Balance loans on 19 properties located throughout the Los Angeles area. The total Hunt Mortgage Group investment is $31.6 million. The portfolio has a single sponsor.
Loans amounts range in size from $750,000 to $4.1 million. The facilities are all small balance multifamily properties, containing anywhere from eight to 47 units.
“This was a complex transaction with one main sponsor but multiple ownership entities and partners,” explained Mark Besharaty, Director in the Small Loan Group at Hunt Mortgage Group. “Placing 19 separate loans simultaneously was challenging, but our team worked together tirelessly to pull it together in a timely manner. This took tremendous teamwork and coordination.”
The rate was negotiated and priced below offerings from local and national lending institutions. All the loans were non-recourse transactions with one-year of interest only payments. The properties are located in a variety of neighborhoods spanning the City of Los Angeles, including: the Hollywood submarket, Wilshire/Westlake submarket, Panorama City and Van Nuys.
“The main borrower is a new Hunt Mortgage Group customer. The borrower has more than 30 years of experience in owning and managing multifamily units in the Los Angeles area and currently own over 2,600 units,” added Besharaty.
“We turned to Hunt Mortgage Group for this complicated deal because of their customer focus and experience with the Freddie Mac Small Balance loan program,” noted the borrower. “They were great partners in this endeavor that had a number of challenges to overcome. The best part was their certainty of execution. Despite the inherent complications, we were confident they would get the deal done, and they did.”
The deals were brokered by Todd Orlando, Senior Loan Officer and Mike Miller, Commercial Lending Specialist at Wintrust Mortgage. “The team at Hunt Mortgage Group is extremely professional with a strong customer focus. We look forward to many more successful transactions together,” noted Orlando and Miller.
“The Freddie Mac small balance loan product is extremely competitive and attractive in the smaller multifamily sector. We have been aggressively leveraging it to secure financing for a number of clients. We are pleased to secure this financing for a quality sponsor with solid commercial real estate investing experience,” concluded Besharaty.
Total funding equals
Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 196 professionals in 23 locations throughout the United States.