Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae DUS “Green Rewards” loan in the amount of $16 million to finance the acquisition of a multifamily property located in Ann Arbor, Michigan.
Woodchase Apartments is a 144-unit garden style apartment community that is located at 1100 Rabbit Run Circle. The property consists of 11 residential buildings and is currently 98% occupied.
The borrower is Woodchase Acquisition, LLC, a Michigan limited liability company. The loan term is 15-years with amortization based on a 30-year schedule with the initial five years being interest only. Yield maintenance will apply during the first 14.5 years.
“The deal sponsor is a partnership between Andover Real Estate Partners & M Group, LLC that was formed in 2014 to acquire traditional multifamily apartment communities around the country,” explained Josh Messier, Managing Director, Hunt Mortgage Group. “The partnership currently owns and operates properties in Michigan and Ohio that totals approximately 850 units.”
Property amenities include a pool, clubhouse, laundry room and open parking.
“The University of Michigan is a major driver of economic activity for this market, but there is not a proliferation of students at this complex,” added Messier. “We were pleased to provide the acquisition financing for this property and for a quality local borrower who is a repeat Fannie Mae client.”
Matt Shane, Senior Managing Director with Q10|Lutz Financial Services arranged the financing. “The Hunt Mortgage Group process was very smooth and we were also able to take advantage of the Green Rewards program which enabled the borrower to benefit from a pricing savings and achieve additional loan proceeds,” said Shane.