Hunt Mortgage Group Arranges Financing for Two Properties in Pennsylvania for the Same SponsorNew York, NY — January 4th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it financed two properties in Pennsylvania through its Small Balance Loan program.
The total Hunt Mortgage Group investment of $7.8 million was provided to the same borrower, a well-known multifamily owner based in Philadelphia. The properties include:
- Washington Square Apartments. Hunt Mortgage Group provided $4.8 million loan to facilitate the acquisition of Washington Square Apartments, a mixed-use property located in West Chester, Pennsylvania. Situated at 21 West Washington Street, Washington Square Apartments is a 29-unit garden-style apartment development consisting of one three-story structure. The building also contains six commercial spaces on the ground floor that are all currently occupied.
- The Printing House. Located in Philadelphia, The Printing House is a 27-unit property that the borrower purchased in August 2014. Hunt Mortgage Group provided a $3 million to refinance the apartment complex, which is located at 313 Vine Street. The property consists of one five-story apartment building. It was built in 1899 and renovated in 1999.
“The loans are ten-year fixed-rate transactions with 30-year amortization after a three year interest-only period,” explained Bryan Cullen, Managing Director with Hunt Mortgage Group. “A potential problem was averted as we worked through the process of securing the financing as Freddie was increasing their spreads throughout the process and we needed a timely delivery to grandfather the interest rate.”
“The borrower is a seasoned investor with more than 40 years of multifamily real estate experience but this was his first time using the Freddie Mac program. Everything fell into place and worked seamlessly according to plan,” added Cullen.
There are only ten Small Balance Loan (SBL) Lenders for the Freddie Product nationwide and Hunt Mortgage Group was one of the first and today is one of the most successful. The program allows for balances up to $5 million.
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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 191 professionals in 22 locations throughout the United States.