Hunt Mortgage Group Finances the Acquisition of a Multifamily Property Located in Orlando, FloridaNew York, NY — June 9th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $10.2 million Freddie Mac loan to finance the acquisition of a multifamily property located in Orlando, Florida.
The Park at Savino is a 200-unit, garden style apartment complex located on an 11.89-acre site at 1980 Lake Fountain Drive in Orlando. The property consists of ten primary buildings and three non-residential buildings that house the leasing office/clubhouse, fitness center and maintenance building.
Built in built in 1985, The Park at Savino is in good condition and is currently 98% occupied. The property includes a mix of one- and two-bedroom apartments. The loan facility will also be used to cover closing costs and undertake some immediate property repairs.
The borrower is FVP NKP Savino, LLC a Florida limited liability company. The loan term is 7 years with two years of interest only, amortizing over 30 years at a fixed rate of 3.68%.
“The borrowers are repeat Hunt Mortgage Group clients,” noted Marc Suarez, Senior Vice President at Hunt Mortgage Group. “Apartment demand in the Orlando area has been strong over the past year and is expected to remain so for the long-term. We were pleased to deliver for this repeat client on this transaction.”
The Park at Savino is located approximately 14 miles southwest of Walt Disney World, in an area that continues to experience population and household growth across all areas. It offers close proximity to major thoroughfares and provides convenient access to downtown Orlando as well as all the tourism and retail corridor demand drivers. There are plentiful supporting uses to create ongoing demand for the subject property.
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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.