Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided $4.5 million in Freddie Mac Small Balance financing to refinance two multifamily properties. The properties include:
- The Wisteria. The Wisteria is a 20-unit multifamily property located at 1315 Park Road NW in Washington, DC. Terms of the loan are a 5+15 Hybrid ARM transaction with one-year interest-only and 30-year amortization thereafter. The borrower is Power Brokers Property, LLC, backed by key principal William T. Hernandez. Hunt Mortgage Group provided a $3 million loan to refinance The Wisteria.
The Wisteria consists of a single, three-story residential building with a total net rentable area of 16,521 square feet. The property was built in 1916, and the borrower has recently performed exterior renovations and unit renovations, including new appliances, carpets, vinyl tile, plumbing, electrical, cleaning, exterior painting, roofs, parking areas, HVAC, landscaping, and equipment. The property is surrounded primarily by multifamily residential, single-family residential, and condominium projects.
- Chestnut Street Apartments. Located in Clarkston, Washington, Chestnut Street Apartments, is 54-unit property comprised of six, two-story residential walk-up buildings constructed between 1960 and 1966 and situated on 2.82 acres of land. The property includes a mix of studio, one-, two- and three-bedroom units. There are an estimated 62 parking spaces on site which include four carports and three detached garages.
Hunt Mortgage Group provided a $1.5 million loan to refinance Chestnut Street. The transaction is a ten-year fixed rate transaction with 30-year amortization after two-years of interest only and will be subject to yield maintenance. The borrower is 1600 Chestnut Properties, L.L.C., a Washington limited liability company backed by Thomas and JoAnn Trimberger who have owned and managed the property since acquiring it in 2006.
“The Freddie Mac small balance loan product is extremely competitive and attractive in the smaller multifamily sector, and we have been aggressively leveraging it to secure financing for a number of clients,” said Michael A. Abbasfard, Vice President in the Small Loan Group at Hunt Mortgage Group. “We were pleased to secure this financing for two quality borrowers with solid commercial real estate investing experience.”