Hunt Mortgage Group Provides a Freddie Mac Small Balance Loan to Refinance a Multifamily Property Located in Hayward, CaliforniaNew York, NY — April 18th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has closed on a $3.7 million Freddie Mac small balance execution to refinance a multifamily property located in Hayward, California.
Sohal Apartments consists of 35 rental units contained in three, two-story apartment buildings situated on 1.46 acres of land. The loan is a 5+15 Hybrid ARM with 30-year amortization, after one year of interest only, and step-down prepayment schedule. The borrower is Sohal, Inc., a California corporation and single asset entity, backed by Gurjinder Singh and Harwinder Singh.
“The sponsors have owned and managed the property for more than 13 years and have done an outstanding job maintaining the property as a long-term investment,” noted Sergey Klimov, Vice President at Hunt Mortgage Group.
Sohal Apartments is well located, surrounded primarily by single family and commercial/retail uses and in close proximity to support services, shopping and employment centers.
The property is located within Alameda County in the Oakland-Hayward-Berkeley MSA. The city of Hayward is the third largest city within Alameda County, just 15 miles southeast of Oakland and 30 miles southeast of San Francisco.
The unit mix consists of 15 one-bedroom, one-bathroom apartments and 20 two-bedroom, two-bathroom units with a total net rentable area of 26,750 square feet. Property amenities include a leasing office and laundry room. Parking on-site is available.
The Hunt Mortgage Group deal team consisted of Klimov and Christina Hawn, Vice President.
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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 22 locations throughout the United States.