Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a conventional Fannie Mae DUS loan in the amount of $24 million to refinance a multifamily property located in Bradenton, Florida.
The Royal Palm Terrace Apartments is located approximately 45 miles south of Tampa and 13 miles north of Sarasota. The loan term is 12-years, with full amortization based on a 30-year schedule. Yield maintenance will apply during the first 11.5 years. The borrower is DAZLBeT Partners, LLC.
“The key principal on this deal is a first-time Hunt Mortgage Group customer,” noted Adam Luwisch, Vice President at Hunt mortgage Group. “While this is the sole multifamily property in his portfolio, he has owned the land for many years and was personally involved in the development of the property that was completed in March 2007.”
The property is comprised of 13, two- and three-story apartment buildings including a leasing office/clubhouse with a total of 220, garden-style units. The property offers 490 parking spaces consisting of 426 open spaces, 46 detached garages and 18 attached garages.
“Royal Palm Terrace Apartments has strong historical occupancy and is currently 95 percent leased. It also has a superior amenity package that is attractive to tenants,” added Luwisch. “We were pleased to provide the financing to secure this quality property for a new client.”
Paul Meyer of Bristol Capital Group was the originating mortgage banker for this deal.
Property amenities include a gated entrance, swimming pool, clubhouse with kitchen, fitness center, business center, theatre room, laundry facility, dog park, and car care facility.