Hunt Mortgage Group Refinances a Multifamily Property Located in Miami, FloridaNew York, NY — November 3rd, 2015
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $3.6 million Fannie Mae loan facility to refinance a multifamily property located in Miami, Florida.
Garcia Apartments is located at 2150 NW 9th Street and consists of one four-story building that contains 62 units. The building was developed in 1973 on a 1.32 acre, parcel of land with 48,512 square feet of rentable space.
The borrower is Garcia Apartments Inc., a Florida corporation, backed by Jorge Garcia. The transaction is structured with a 10-year term with a 9.5-year yield maintenance period and 30-year amortization.
“Garcia Apartments has been well-maintained and successfully operated since it was built in 1973 by Jorge and his family,” said Steven Cox, Managing Director at Hunt Mortgage Group. “It has also been 100% occupied for the past 24 months, which exceeds the local current market economic occupancy rate. The property is also well located and is seven miles west of the downtown Miami area. We were pleased to deliver on this loan.”
Garcia Apartments offers one-bedroom, one-bathroom and two-bedroom, one-bathroom units. The property also has 88 open parking spaces.
The deal was closed by the Coral Gables team of Hunt Mortgage Group, including Cox and Marc Suarez. The deal was brought to Hunt Mortgage Group by Daniel Ela and Michael MacNeil of Meridian Capital.
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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.