Hunt Mortgage Group Provides Freddie Mac Small Balance Loans For Three Multifamily Properties Located in TexasNew York, NY — November 3rd, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today it provided Freddie Mac Small Balance loans to refinance three multifamily properties in Texas. The total investment by Hunt Mortgage Group is $9.4 million.
Under the new Freddie Mac program launched last year, Hunt Mortgage Group provides small balance loans between $1-5 million to commercial borrowers nationwide. Hunt is one of a select few lenders specifically chosen by Freddie Mac to offer the Agency’s new Small Business Lending product.
The properties include:
- Vassar Place Apartments. Vassar Place Apartments is located in Houston, Texas and consists of 22 units contained in three buildings situated on 0.48 acres of land. The transaction carries a 10-year fixed-rate loan with 30-years of amortization and a step-down prepayment schedule and 36-months of interest only.
The borrower is Vassar Place Associates, LLC, a Texas limited liability company formed in February 2000, and backed by managing member Maurice Bonham-Carter. Vassar has had exceptionally high occupancy in the last year and has been outperforming the market.
The borrower invested approximately $300,000 in capital improvements at Vassar Place Apartments over the past three years. This includes unit upgrades consisting of wood and ceramic tile flooring in the living and bedroom areas; wooden cabinets, granite countertops, ceramic tile flooring, stainless steel appliances in the kitchen; and ceramic tile floors, vanities, tiled showers in the bathrooms. Exterior improvements include exterior paint, roof, parking, HVAC, landscaping, and pool work.
- Cedar Springs Townhomes. Hunt Mortgage Group refinanced Cedar Springs Townhomes, a 15-unit multifamily property located in Dallas, Texas. The loan term is10-year fixed-rate with 30-years amortization and a step-down prepayment schedule. The transaction will also include 36 months of interest-only.
The borrower is 4920 Cedar Springs, LLC, a Texas limited liability company, backed by Scott Norman, Michael Abergel, and Joli Abergel. The property is comprised of three buildings situated on 0.6 acres of land.
The borrower purchased two lots in April 2013, began constructing the subject in June 2013, and completed construction in February 2015. Cedar Springs Townhomes is currently 100% occupied and is in excellent condition. All of the units have two-bedrooms and two-and-a-half bathrooms ranging in size from 1,700 to 1,800 square feet for a total net rentable area of 26,250 square feet.
- Carlisle Apartments. Located in Houston, Texas, Carlisle Apartments is a 124 unit multifamily property contained in 10 buildings situated on 5.01 acres of land. Hunt Mortgage Group financed the acquisition and the transaction is a 10-year fixed-rate loan with 30 years amortization and a step-down prepayment schedule. The transaction will include 36 months of interest only.
The borrower is RMC Real Estate, LLC, a Texas limited liability company, backed by key principals R. Michael and Sabrina M. Cordon IO.
The previous owner invested $260,000 in capital expenditures over the past three years including new appliances, granite countertops, laminate wood flooring, exterior paint, fencing, roofs, boiler, and landscaping.
“All three of these properties are in good condition, backed by seasoned sponsors, and are located in cities that are currently performing well,” noted Charlie Cole, Regional Director for the Small Balance unit at Hunt Mortgage Group. “We were pleased to close on these three loans and to continue building our Freddie Mac Small Balance portfolio. There are only a small number of SBL lenders for the Freddie product nationwide and we are proud to be one of the most successful.”
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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 23 locations throughout the United States.