Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided an $14.08 million Fannie Mae loan to finance the acquisition of a multifamily property located in Virginia Beach, Virginia.
Waterside at Lynnhaven consists of 25 apartment buildings and a leasing office, containing 192 units. The buildings were developed in 1966 with 168,360 square feet of rentable space and is situated on 15.76 acres of land. The property offers one-bedroom, one-bathroom; two-bedroom, one-bathroom; two-bedroom, one-and-a-half bathroom; and three-bedroom, one-and-a-half bathroom units. The property also has 370 open parking spaces.
The property is self-managed by the borrower, Waterside DNB LLC, a Virginia limited liability company. This transaction is structured for a 12-year term with 11.5 years yield maintenance, seven-years of interest only followed by 30-year amortization.
“Waterside at Lynnhaven is currently 94% occupied, is well maintained and in good condition,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “The borrowers are solid commercial real estate investors and current Hunt Mortgage Group clients. In addition, the property is professionally managed by a private firm. We were pleased to structure this loan for an outstanding repeat client.”
Project amenities include: a pool, playground and leasing office. All of the property’s kitchens and bathrooms were renovated between 2006 and 2008, and new HVAC units were installed at the same time. All windows were replaced within the last four years.