Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a Freddie Mac loan in the amount of $5.4 million to finance the construction of an affordable multifamily property located in Mableton, Georgia.
The Freddie Mac loan is an 18-month Unfunded Forward Commitment with a 16-year permanent loan term and 35-year amortization schedule. The forward commitment will include two six-month extension options.
Wisteria Place of Mableton is a “to be constructed” age restricted (55 and older) multifamily residential project that consists of 104-units contained within a single three-story building. Twenty-one of the units will be occupancy restricted at 50% AMI, 62 units will be occupancy restricted at 60% of AMI, and 21 units will be market rent units. The income restricted units will also have their rents restricted to 30% of the applicable income limitation.
The borrower is BJS Floyd Wisteria, LP. The sponsor of the transaction is Beverly J. Searles Foundation, a non-profit entity.
“The foundation and its predecessor are seasoned multifamily investors that have developed affordable and mixed income family and seniors housing properties since 1992,” commented Joshua Reiss, Vice President at Hunt Mortgage Group.
Construction financing for the property is being provided by Sterling Bank, a Poplar Bluff, Missouri-based state-chartered bank.
“Upon completion, Wisteria Place of Mableton will be a Class A property that is well located in Cobb County with easy access to shopping, medical facilities, and houses of worship,” added Reiss. “This is critical to the ongoing success of an age restricted rental community. We are pleased to play a role in ensuring the availability to quality, affordable housing for local seniors.”
Mableton, Georgia is located in Cobb County approximately 13 miles northwest of the Central Business District of downtown Atlanta.
Property amenities include large picnic area, koi pond, resident vegetable and cutting gardens, butterfly garden, gas grill area, and covered gazebo. Interior amenities include common area spaces dedicated for a library, computer lab, game room, billiards room, theatre, classroom, beauty salon, and main event room.