Hunt Mortgage Group Finances the Acquisition of a Multifamily Property in Seattle, WashingtonNew York, NY — March 14th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $6.5 Freddie Mac small balance loan to finance the acquisition of a multifamily property located in Seattle, Washington.
Located at 1406 East Republican Street, Yardhouse Apartments is a 35-unit apartment property that was built in 2014. Situated on 0.23 acres of land, the property consists of one four-story building. Property amenities include a parking garage and rooftop deck. The transaction has a 20-year term (7+13 hybrid ARM) with 30-year amortization and includes seven years of interest only.
Yardhouse Apartments was acquired from Seattle-based Revolve Development for $13.95 million. The borrower is CFLP Yardhouse Apartments, LLC, a newly formed entity backed by the Costacos Family Limited Partnership. The Costacos family was advised on the acquisition by Trinity Real Estate.
“Yardhouse Apartments is in excellent condition, has performed very well in the local market and was sought after by many investors,” noted Jeffrey Ballaine, Vice President at Hunt Mortgage Group. “The current vacancy rate is 2.86% and has averaged 5.96% over the past 12 months.
“The Costacos family are new Hunt Mortgage Group and Freddie Mac sponsors, but they are financially strong, and seasoned commercial real estate investors,” added Ballaine. “We were pleased to facilitate this acquisition for such a strong sponsor.”
The deal was brought to Hunt Mortgage Group by Tom Craig and Mark Dibble with one of our correspondent brokers, DSC Capital.
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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.