Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $5 million Freddie Mac small balance loan to refinance a multifamily property located in Los Angeles, California.

Royal Cedros Apartments is a 60-unit apartment property contained in a single three-story building situated on 0.50 acres of land. The borrower is Royal Cedros Investments, a California limited partnership, backed by Mehran Namiri-Kalantari.

The transaction is a 5/1 hybrid fixed rate term with a 12-month interest only period, a 30-year amortization and step-down prepayment schedule.
“Mr. Kalantari has extensive experience in owning and managing multifamily properties,” commented Mark Besharaty, Vice President at Hunt Mortgage Group. “He built and has operated Royal Cedros Apartments successfully since 1987.”

“The property is located in Panorama City, a Los Angeles submarket that has one of the lowest vacancy rates in the area,” added Besharaty. We were pleased to refinance this quality property for such a strong sponsor.”

The property has 42 one-bedroom, one-bathroom units and 18 two-bedroom, two-bathroom apartments. Royal Cedros Apartments also has 102 garage parking spaces and three common-area laundry rooms.