Hunt Mortgage Group Places Three Freddie Mac Small Balance Loans on Three Multifamily Properties in TexasNew York, NY — November 17th, 2015
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has delivered three Freddie Mac Small Balance loans for multifamily properties located Texas. The total investment made by Hunt Mortgage Group was $5.2 million.
Under the new program launched last year, Hunt Mortgage Group provides small loans between $1-5 million to borrowers nationwide. Hunt is one of a select few lenders chosen by Freddie Mac to offer the Agency’s new Small Business Lending product.
The properties include:
- Cedars Apartments. Hunt provided a $1.6 million loan to facilitate the acquisition of Cedars Apartments, a 32-unit property located in Mesquite, Texas. The transaction is a 10+10 Hybrid ARM transaction with 30-year amortization and step-down prepayment schedule. There will be three years of interest only, after which the loan will amortize on a 30-year basis.
The borrower is Cedars 4731 LLC, which is owned by C&C Mesquite Holdings, LLC and backed by key principals Steven Ross and Mark Kenney. Built in 1986, Cedars Apartments consists of four two-story buildings. The unit mix includes 24 one-bedroom apartments and eight two-bedroom apartments with a total net rentable area of 30,016 square feet. The property features a swimming pool.
- Briarwood Apartments. Briarwood Apartments is a 75-unit multifamily property located in Dallas, Texas. Hunt Mortgage Group provided a $2 million loan to refinance the property and loan terms include a 10/1 Hybrid ARM deal with a 10-year fixed rate term followed by 10-years floating rate. The loan will include 30-year amortization, after three years of interest-only and a step-down prepayment schedule.
The borrower is Briarwood MJL, LP, a Texas Limited Partnership backed by Michael J. LeRoy. The property consists of 55 one-bedroom units, and 20 two-bedroom units housed within eight two-story garden style apartment buildings. The property is located in a mixed residential and commercial area.
- Crossroads East II Apartments. Hunt Mortgage Group provided a $1.6 million loan to facilitate the acquisition of Crossroads East II Apartments, a 32-unit multifamily property located in Mesquite, Texas. The transaction is a 10+10 Hybrid ARM transaction with 30-year amortization and step-down prepayment schedule. There will be three years of interest only, after which the loan will amortize on a 30-year basis.
Crossroads East consists of four two-story buildings and was constructed in 1983. The unit mix consists of sixteen one-bedroom apartments and sixteen two-bedroom apartments with a total net rentable area of 28,640 square feet.
“The sponsors behind these deals are experienced commercial real estate and multifamily operators and investors,” commented Dana Blair, Vice President in the Small Loan Group at Hunt Mortgage Group. “The properties are all located in the Dallas-Ft. Worth MSA, which has historically been a strong market. We were please to execute on these loans, add to our Freddie Mac Small Balance loan portfolio, and assist these quality sponsors at the same time.”
Total funding equals
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.