Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $900,000 Fannie Mae Small Balance Loan to refinance a multifamily property located in Tallahassee, Florida.
Located at 814 Arkansas Street, The Nook Apartments consists of six, two‐story garden‐style apartment buildings located on a 1.03‐acre tract of land. The property contains 24 apartments and has 14,700 rentable square feet.
The loan terms will include a 10‐year term with a declining fixed rate prepayment. The loan is open to prepayment in the last three months prior to loan maturity. The Nook Apartments was acquired by the borrower in 2016.
“Since purchasing the property the borrower has invested approximately $310,000 in capital improvements and has consequently leased‐up the property to 95%,” noted Tony Talamas, Vice President Mortgage Banking at Hunt Mortgage Group.
Capital improvements implemented by the borrower include unit renovations, exterior improvements and general landscaping. In addition, the borrower intends to invest additional funds to continue to improve the buildings units.
“The borrower is an experienced owner-operator of multifamily properties,” continued Talamas. “The property is well maintained, operations are solid, and is located in a very stable rental market. We were pleased to provide this loan to a quality borrower.”
This deal was brought to Hunt Mortgage Group by Lane O’Bryon of Capital Connection.