Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac conventional loan to finance the acquisition of a multifamily property located in Arvada, Colorado. The total loan amount is $5.855 million and the financing included seven years of interest-only payments.
Village West Apartments is a 58-unit, garden-style apartment complex that consists of ten, one- bedroom, one-bathroom units and 48, two-bedroom, two-bathroom apartments in a one-building three-story apartment complex. The property was built in 1972 and offers residents 114 parking spaces, all of which are open/uncovered spaces. Property amenities include an indoor pool and laundry rooms.
“The principals are repeat Hunt Mortgage Group clients making this their fourth loan in less than a year with the firm,” noted Penny Bradbury, Vice President at Hunt Mortgage Group.
“The previous owner invested approximately $1.2 million in improvements since 2015, including repairs to the exteriors, interiors, appliance replacement, flooring replacement, plumbing, windows and sliders, and general site work,” added Bradbury. “We were pleased to deliver on this loan for a quality repeat client.”
Village West Apartments is located in the central portion of the City of Arvada, which is within the Denver MSA. The neighborhood is stable with modest growth expected in the near future. The subject neighborhood has desirable features such as parks and a historic shopping and entertainment district. The neighborhood has good access to the greater Denver Metro Area via Interstates 70 and 76, as well as Wadsworth Boulevard.