Hunt Mortgage Group Facilitates the Acquisition of Five Multifamily Properties Located in Vancouver, WashingtonNew York, NY — April 8th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided the funding to facilitate the acquisition of a five property multifamily portfolio located in Vancouver, Washington. Hunt Mortgage Group used the Freddie Mac small balance loan program for $9.8 million to purchase four of the assets and to provide a short term bridge loan of $11.76 million to purchase the fifth, a total price of $22 million.
The borrower is sponsored by NBP Capital, LLC, a Delaware limited liability company backed by Lauren Noecker and Spencer Noecker. The borrowing entity is based in Portland, OR.
The financing on the loans is a ten-year fixed term with 30-year amortization (after three years of interest only) and yield maintenance prepayment. The deals include:
- Wellington Court Townhomes. Hunt Mortgage Group provided a $4.1 million loan to enable the acquisition of Wellington Court Townhomes, a 48-unit multifamily property that is comprised of 13 two-story residential buildings. The unit mix consists of 24 two-bedroom, one-and-a-half-bath units and 24 three-bedroom, two-bathroom apartments. Property amenities consist of a central play area.
- John’s Park Apartments. St. John’s Park Apartments is a 45-unit property comprised of five one- and two-story residential buildings. All of the units are two-bedroom, one-bathroom apartments. Property amenities include one common area laundry room with four washers and four dryers. Hunt Mortgage Group provided a $3.1 million loan to facilitate the acquisition of St. John’s Park Apartments.
- Oak Park Apartments. Hunt Mortgage Group provided a $1.2 million loan for the acquisition of Oak Park Apartments, a 14-unit property that consists of seven one-story buildings. All of the units are two-bedroom, two-bathroom apartments that come with an attached garage.
- Greystone Park Apartments. Greystone Park Apartments is a 22-unit property comprised of one two-story residential building. The unit mix consists of 14 one-bedroom, one-bathroom apartments and eight two-bedroom, one-bathroom units. Hunt Mortgage Group provided a $1.4 million loan to enable the acquisition of Greystone Park. Property amenities consist of one common area laundry room with three washers and dryers. The property’s parcel is unique in that there is a portion of vacant land at the northern portion of the site with the potential to build additional multifamily units.
- The Park at Fox Pointe. The Park at Fox Point is a 200 unit multifamily property with an equal mix between one- and two-bedroom units. The subject was originally built in 1972 and has received some upgrades over the years. The new owners plan on updating the units upon turnover. Hunt Mortgage Group provided a short-term bridge loan of $11.76 million to purchase The Park at Fox Pointe.
“The Noeckers are stellar repeat clients. The purchase was planned for 2015 but the seller requested a 2016 close and we needed to execute on a specific date,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “The small loans were ready to go but Park at Fox Pointe was not able to execute, so we funded a short-term loan until we could put into place a permanent Agency loan.”
The properties are located in Vancouver, Washington, in the Portland-Vancouver-Hillsboro Metropolitan area. The region has a diversified economy that closely reflects the solid business conditions for the area.
Brad Willson of Marcus & Millichap Capital Corporation remarked “I have placed nine Freddie Mac small loans with Hunt Mortgage Group in just the last year and it is a superior product for loans under $5 million in the top markets.”
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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 23 locations throughout the United States.