Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided conventional Fannie Mae loan in the amount of $4 million to finance the acquisition of a multifamily property located in Tallahassee, Florida.
The Highlands Apartments is a dedicated student housing project comprised of 17, two- and three-story residential buildings containing 17 units and a total of 78 beds. The property was developed in 2017 and began leasing in August 2017. Highlands Apartments is located at 1824 Greentree Lane and provides off-campus housing for Florida State University, one of the largest universities in the country with a total enrollment exceeding 41,000.
The borrower is NMS Highlands, LLC, backed by key principals Roy Warren, William Fowler, and Robert Kramer. The loan term is 10-years with 3-years of interest only.
“Highlands Apartments is currently 100% occupied and is located just over a mile from the Florida State University campus,” noted Owen Breheny, Managing Director at Hunt Mortgage Group. “The property is also an attractive, newly-built housing facility that was constructed with top-of-the-line furniture and amenities.”
The units are finished with 10-foot ceilings, granite countertops, and hardwood-style flooring. Residents have exclusive access to a swimming pool, fitness room, sun deck, and an on-site office. In addition, the property offers a total of 75 parking spaces.
“The borrowers are seasoned commercial real estate and multifamily investors, as well as repeat Hunt Mortgage Group customers,” added Breheny. “We were pleased to provide the financing to enable them to add this quality property to their portfolio.”
The deal was brokered by Tim Stevens, Principal at CREFCO. He notes, “At CREFCO we’ve been using Hunt Mortgage Group for 2+ years and closed numerous transactions on both the Small Balance and DUS loan sizes. Owen and his team have been a tremendous asset to my firm in getting the best deal possible in several instances for my clients and the proof is in the volume we’ve been able to deliver for our customers on various multifamily asset types. The Highlands at Florida State is another great example. The deal went from application to funding in a short 34 days for a repeat client on a timeline to get a lower negotiated price on brand new student housing product with three years interest only and a sub 4.5% rate. Another feather in the cap for both CREFCO and Hunt Mortgage Group.”
The Highlands Apartments will be managed by CollegeTown Properties, an industry leader specializing in property management, brokerage and development of high-quality, student housing located in close proximity to growing universities.