Hunt Mortgage Group Refinances a Multifamily Property Located in Florence, KentuckyNew York, NY — October 15th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $9.7 million Fannie Mae loan to refinance a multifamily property located in Florence, Kentucky.
Weaver Farms Apartments consists of 264 units housed in 23 total buildings, including 22 residential buildings and a leasing office. The buildings were developed in 1990 and 1995 with 213,250 square feet of rentable space that is situated on a 23.25-acre parcel of land.
The borrower is Tamarack Trace Limited Liability Company, an Ohio corporation. The transaction is structured for a 15-year term with a 14.5-year yield maintenance period and 30-year amortization.
“Weaver Farms Apartments has been well-maintained and is currently 95% occupied,” commented Steven Cox, Managing Director at Hunt Mortgage Group. “The borrower is a seasoned multifamily investor that is a repeat Hunt Mortgage Group customer with a strong presence in the local market. We were pleased to close on this loan for a solid repeat customer.”
The property offers all two-bedroom, one-bathroom apartments and also has 537 open parking spaces.
Weaver Farms is located in Boone County, just 8.7 miles from the Cincinnati/Northern Kentucky International Airport and 14 miles from the Cincinnati central business district. “Weaver Farms is also well located and also benefits from good visibility,” added Cox. “The surrounding area is primarily residential, but the property is located near grocery stores, public schools and main arterial highways.”
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Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 191 professionals in 22 locations throughout the United States.