Hunt Mortgage Group Facilitates the Acquisition of Two Multifamily Properties Located in FloridaNew York, NY — February 29th, 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 two multifamily properties located in Florida. The total funding by Hunt Mortgage Group for these two Freddie Mac small balance loans is $5.4 million.
The deals include:
- Casa Corsicana. Hunt Mortgage Group provided a $3.9 million loan for the acquisition of Casa Corsicana Apartments, a 53-unit residential property located in Seminole, Florida. The transaction is a seven-year fixed rate term with two years interest only and a 30-year amortization with a stepdown prepayment schedule.
The prior property owners acquired the property in poor condition and invested approximately $1.5 million in capital improvements to reposition the property. Casa Corsicana was constructed in 1973 and is comprised of six single-story buildings situated on 3.85 acres of land. The property includes 83 parking spaces. Property amenities include two playgrounds and a patio area.
The borrower is Casa Corsicana LLC, a Florida Limited Liability Company backed by the Kula Family Revocable Trust.
- Pembroke Apartments. Pembroke Apartments is a 24-unit residential property located in Pembroke Pines, Florida. Hunt Mortgage Group provided a $1.5 million loan to facilitate the acquisition of the property. The transaction structure is a five-year Hybrid Arm with one year interest only and a 30-year amortization with a stepdown prepayment schedule.
Pembroke Manor Apartments was constructed in 1966 and is comprised of three two-story buildings situated on 0.63 acres of land. The property includes 33 open surface parking spaces and a laundry facility. The borrower is Sunny Investments FL IV, LLC, a Florida Limited Liability Company, backed by Boris Ovrutsky, a seasoned real estate investor.
“We were pleased to deliver on these loans to help two solid investors acquire well performing properties in Florida,” commented Bill Papagno, Director in the Small Balance Loan Team at Hunt Mortgage Group. “We are actively working to expand our Freddie Mac small balance portfolio, as well as our overall footprint in Florida.”
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 191 professionals in 22 locations throughout the United States.