Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a conventional Fannie Mae loan facility and mezzanine loan to refinance a multifamily property located in Fall River, Massachusetts.
The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest‐only payments, and a 12‐year maturity. The mezzanine loan is for $1 million and has a coterminous maturity as the senior loan at 12 years.
South Coast Landings is comprised of eight, two-story residential buildings, plus a clubhouse, containing 240 units. The property was developed in 1974 and is site is situated on a 17.15 acre parcel of land. The property offers 370 parking spaces. The borrower is South Coast Landings, LLC, a Massachusetts limited liability company.
“The combined loan proceeds will be used to refinance the existing debt and to fund various ‘green’ initiatives on-site,” said Steven Cox, Managing Director at Hunt Mortgage Group. “The borrowers are well-established commercial real estate investors with a history of multifamily ownership and investment experience.”
The property underwent extensive renovations which included new parking pavement, site lighting, vinyl siding, windows, doors, water heaters, furnaces, kitchen cabinetry and countertops as well as major repairs to the balconies, stairs, and upper level walkways.
In addition, ownership also made substantial capital improvements to the property from 2014 through 2016. The biggest improvements included asphalt and striping of the entire property, playground improvements, resurfacing tennis courts into a full basketball court, carpeting, basketball court fence replacement and the addition of a dog park.
“We are pleased that we have the ability to structure this unique loan, something many other lenders cannot,” added Cox “We were happy to deliver on this loan for a quality sponsor.”
Fall River is located approximately 18 miles southeast of Providence and 52 miles south of Boston which provides residents with a variety of options for employment, entertainment, and travel.
Property amenities include a swimming pool, BBQ and picnic area, tennis courts, playground, a common laundry room in each apartment building and a clubhouse with a fitness center, billiards table, fireplace, plasma TV, and a full kitchen.