Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae DUS loan in the amount of $18 million to refinance a multifamily property located in Dallas, Texas.
Magnolia Creek Apartments is a garden-style multifamily complex comprised of 28, three-story residential buildings plus a single-story clubhouse/leasing office building with a total of 436 units.
The Borrower is IRG MDL LLC, a Delaware limited liability company and SPE, backed by Elliott Aronson, key principal. The terms of the 7/6 ARM loan include a seven-year term, 30-year amortization, and prepayment permitted with 1% premium after a one-year lockout period.
“This is the third loan in three years for Mr. Aronson on this asset. He purchased it using a bridge from our proprietary lending group, recouped some equity with a Fannie Mae ARM last year and then operational improvement was so dramatic we were able to increase the loan amount yet again,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “We were able to waive the typical 1% prepayment penalty as the loan was staying with Hunt Mortgage Group and Fannie Mae.”
Magnolia Creek Apartments was built in 1988, is situated on 14.4 acres of land, and is located at 7272 Marvin D. Love Freeway. The property hosts four floor plans, including an efficiency unit, one-bedroom, two-bedroom and three-bedroom units. Parking is furnished via 644 spaces. Project amenities include a common laundry facility, a leasing office with lounge and fitness center, outdoor swimming pool and two playgrounds.
“Sal Torre and his team at Estreich as brokers on the deal again proved to be strong advocates for their client and effective facilitators of the process,” added Cullen. “We anticipate additional opportunities in the near future with Elliott and Sal.”
Over the past 3 years, the property owner has invested over $1.9 million in capital improvements, including various systems repairs, unit turnovers, site paving repairs, landscaping improvements and exterior repainting.
Magnolia Creek Apartments is located in southwest Dallas, within the Dallas-Fort Worth Consolidated Metropolitan Statistical Area. The property is situated 12.2 miles southwest of Dallas and 29.3 miles southeast of the Dallas-Fort Worth International Airport.