Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $31.8 million Freddie Mac loan facility to finance the acquisition of a multifamily property located in Phoenix, Arizona.
Arboretum at South Mountain is a 312-unit, garden-style apartment complex in the affluent Ahwatukee Foothills of southwest Phoenix. Conveniently located near many Chandler employers and offering some of the best schools in the state, Ahwatukee boasts average household income of over $90,000. Arboretum offers many amenities to capture tenant demand, including a clubhouse with resident lounge and business center, fitness facility with cardio and weight training equipment, resort-inspired swimming pool, spa, gas barbecue grills, and sand volleyball court.
Arboretum represents the sponsor’s third major acquisition in the last twelve months, all of which have been financed by Hunt Mortgage Group. Overall the sponsor has obtained $95.9 million of financing to acquire 992 units in this market. Each loan has featured a ten-year term, five-years of interest only, and the ability to obtain supplemental loans in the future.
“This sponsor has shown incredible skill in acquiring and improving three institutional-quality complexes in such a short timeframe,” said Peter Clasquin, Managing Director at Hunt Mortgage Group. “He has delivered exceptional value to tenants by reinvesting in key upgrades, streamlining property operations, and selecting the best staff possible.”
Hunt Mortgage Group provided a $35 million loan facility to finance the acquisition of Stone Canyon, a 392-unit garden-style apartment complex located in Mesa, Arizona, and a $29 million loan for Mountainside, a 288-unit multifamily property located in Ahwatukee, Arizona. Both were financed through Freddie Mac and are exceeding their operating budgets. In fact, Stone Canyon will be eligible for a large supplemental loan later this year.