Hunt Mortgage Group Refinances a Multifamily Property Located in Greenville, North CarolinaNew York, NY — December 8th, 2015
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a Freddie Mac conventional loan in the amount of $4.7 million to refinance Arlington West and Pecan Grove, a multifamily property located in Greenville, North Carolina.
Arlington West and Pecan Grove is a 168-unit, garden-style apartment complex built in 1986 and 1995 situated on 8.14-acres of land. The property consists of 15 residential buildings, one leasing office (converted from a rental unit), and open space parking. Six buildings on the southern portion of the property are known as Arlington West, the nine buildings to the north are known as Pecan Grove.
The transaction is a 5+15 Hybrid ARM deal with a 30-year amortization, after 12-months of interest-only, and a step-down prepayment schedule. The borrower is PW Lee Properties LLC, a North Carolina limited liability company, backed by Peter Lee and Wei Pin Lee.
“Peter and Wei Pin have been involved in real estate development and management since 2008,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “They purchased Arlington West and Pecan Grove in May 2013, spent approximately $275,000 in capital improvements since acquisition and have maintained strong occupancy since purchase.”
Capital improvements completed include renovating interior units, re-paving parking lots, HVAC replacement, exterior painting, and pipe replacements.
The deal was brokered by Brian Ursino, Managing Principal of URS Capital. The Hunt Mortgage Group team involved in the deal included Cox and Kris Molloy, a Hunt Mortgage Group Originator.
The unit mix consists of 128 one-bedroom, one-bathroom apartments, and 40 two-bedroom, one-bathroom units. The property has a total net rentable area of 95,798 square feet. Arlington West and Pecan Grove is located in the City of Greenville, 1.5 miles southwest of the central business district.
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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 23 locations throughout the United States.