Hunt Mortgage Group Provides Bridge Financing for a Multifamily Property Located in Houston, TexasNew York, NY — October 13th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a bridge loan in the amount of $12.7 million to refinance and re-position Winding Trails Apartments, a multifamily property located in Houston, Texas.
“The purpose of this loan is to provide bridge financing so the borrower can refinance the maturing existing loan, and then complete a property renovation to achieve operational upside before obtaining a new permanent loan,” explained Vic Clark, Managing Director at Hunt Mortgage Group.”
The borrower is Vankara Dhari Limited Partnership, a Texas limited partnership, backed by Charlie Yalamanchili, who has owned the property since 1995.
Loan terms include a 36-month term, plus two 12 month extension options, with interest only payments for the full term.
Winding Trails Apartments is comprised of 29 two-story residential buildings plus a two-story clubhouse/leasing office and a two-story maintenance and storage building. The property houses 438 units, was built in 1978 and offers 8 floor plans. Parking is furnished via 618 surface spaces.
“Charlie is an experienced commercial real estate and multifamily investor and a repeat Hunt Mortgage Group client,” added Clark. “Hunt Mortgage Group recently provided him a $9.6 million loan to refinance Hyperion Apartments, a multifamily property in San Antonio, Texas. We are excited to close on another loan for this quality repeat customer.”
Property amenities include the leasing office building with second floor clubroom, two in ground concrete swimming pools, and five common laundry facilities.
Total funding equals
million bridge loan
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.