Hunt Mortgage Group Finances the Acquisition of a Five Property Multifamily Portfolio Located in Boca Raton, FloridaNew York, NY — September 27th, 2017
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance loan to finance the acquisition of a five property multifamily portfolio. The properties are all located in Boca Raton, Florida, and Hunt Mortgage Group provided a total of $15.2 million for the acquisition.
The loan is a non-recourse, 5+15 year fixed to floating rate with 30-years of amortization and a standard yield maintenance prepayment structure. The borrowers are Kimberly Sorrentino and Lawrence Rolnick.
The properties include:
- Whispering Palms Apartments. Located at 4850 NE 5th Avenue in Boca Raton, Florida, Whispering Palms Apartments is a two-story garden style apartment building containing 54 units and a single-story pool building. Hunt Mortgage Group invested $5.8 million to secure this property. Property amenities include concrete-paved walkways, a pool and 85 open parking spaces.
- Sabal Palm Apartments. Sabal Palm Apartments is located at 665 Glouchester Street in Boca Raton, Florida. Hunt Mortgage Group provided a $2.1 million loan for the acquisition of this property which consists of one, two-story garden style apartment building containing 18 Site amenities include concrete-paved walkways and 29 open parking spaces and landscaping.
- Caribbean Apartments. Hunt Mortgage Group provided a $1.8 million loan to facilitate the acquisition of Caribbean Apartments which is located at 690 Kingsbridge Street in Boca Raton. The property is comprised of one, two-story garden style apartment building containing 15 units. Property amenities include concrete-paved walkways and 27 open parking spaces and landscaping.
- Del Rio Apartments. Located at 480 W. Camino Real in Boca Raton, Del Rio Apartments is comprised of two, two-story garden-style apartment buildings containing 33 units. Property amenities include concrete-paved walkways and 47 open parking spaces and landscaping. Hunt Mortgage Group provided a $3.5 million loan to enable the acquisition of this property.
- Villa Rica Apartments. Hunt Mortgage Group provided a $2 million loan to facilitate the acquisition of Villa Rica Apartments. Located at 4670 NE 5th Avenue in Boca Raton, Villa Rica Apartments consists of one, two-story garden style apartment building containing 17 units. Property amenities include concrete-paved walkways and 27 open parking spaces.
“The borrowers are first time Hunt Mortgage Group partners and Freddie Mac sponsors, but they are seasoned commercial real estate investors having owned investment properties of various types since the early 1990s, including multifamily ranging from 21 units to 450 units,” noted Bill Papagno, Director at Hunt Mortgage Group.
The properties are all located in Palm Beach County, which is located on Florida’s southeast coast. Palm Beach County is located north of Broward County, south of Martin County, east of Hendry County, and west of the Atlantic Ocean.
“We were pleased to partner with this experienced investor to secure the financing they needed to acquire all five multifamily properties simultaneously,” added Papagno. “We look forward to building on this relationship.”
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 198 professionals in 24 locations throughout the United States.