Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $5 million to finance the acquisition of a multifamily property located in Kansas City, Missouri.
Holly Ridge Townhomes consists of 27, three-story townhome style apartment buildings containing 54 units. The property was built in 2007 and is located on a parcel of land totaling 9.10 acres. Holly Ridge Townhomes is currently 94% occupied.
The borrower is PI Holly Ridge, LLC. The loan is a 10-year fixed rate loan with 30 years of amortization and a standard yield maintenance prepayment with the last three months open to prepayment.
“This is the borrower’s first transaction with Hunt Mortgage Group, but they are repeat Freddie Mac borrowers,” noted Misty Read, Director at Hunt Mortgage Group. “They are also seasoned local multifamily investors with current ownership in twenty-five multifamily properties located throughout Kansas and Missouri.”
All 54 units are three-bedroom townhomes with a total net rentable area of approximately 75,600 square feet. On-site amenities include common laundry facilities and 108 parking spaces, including 54-attached garages.
The Kansas City MSA is home to a diverse economy encompassing the agricultural, manufacturing, and governmental sectors. There are several Fortune 500 companies headquartered within the area, including Sprint Nextel Corporation, H&R Block, and International Assets Holding Corporation.
“We were pleased to provide the acquisition financing for this property and for a quality local borrower who is a repeat Freddie Mae client,” added Read.