Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan facility in the amount of $10 million to refinance a multifamily property located in Dallas, Texas.
Spanish Brook Apartments is a garden-style apartment complex comprised of 21, three-story residential buildings, with a total of 248 units. The borrower is a Texas limited liability company and the loan terms include a 12-year term, 25-year amortization period, and an 11.5-year yield maintenance period. The property was built in 1979 and was renovated in 2015.
“Spanish Brook Apartments is a former fractured condominium property that was acquired by the borrower beginning in 2015 when 198 of the 248 units were acquired,” explained Steven Cox, Managing Director at Hunt Mortgage Group. “Since that time, all remaining units have been acquired and in the year and a half since acquisition, the sponsor has renovated all but approximately 25 units. To date, they have invested $7 million in improvements.”
Renovations completed at Spanish Brook Apartments includes upgrades to the HVAC, pavement, building exteriors and unit interiors.
“The borrower is a well-established local commercial real estate and multifamily investor that is also a repeat Hunt Mortgage Group and Fannie Mae client,” added Cox. “We have funded 15 other loans for this sponsor in the past four years, as well as two small balance Freddie Mac deals, all of which are located within the Dallas-Fort Worth area. We were pleased to deliver on this loan for a quality repeat client.”