Hunt Mortgage Group Refinances a Multifamily Property Located in New JerseyNew York, NY — January 30th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $46 million Freddie Mac loan facility to refinance a multifamily property located in Voorhees Township, New Jersey. Village at Voorhees Apartments is an 856-unit, garden style apartment complex located at 10 Lucas Drive. Voorhees Township, New Jersey is located 16 miles southeast of the Philadelphia central business district. The term of the loan is 10 years with a 30-year amortization schedule. The financing was structured utilizing both the Freddie Mac Index Lock program and the Freddie Mac 120-day ERL Program – two loan structures Hunt began offering earlier this year. The borrower is a New Jersey limited partnership. “The borrowers have owned Village at Voorhees Apartments since 1998 and are experienced commercial real estate investors and repeat Freddie Mac clients,” commented Steven Cox, Managing Director at Hunt Mortgage Group. “They have successfully managed the property since purchase, handling the daily operations and performing basic maintenance work in-house. “In addition, the borrower was able to take advantage of improved property performance to achieve an increase in loan proceeds to the maximum LTV of 70%,” added Cox. “At the same time, apartment demand in the Philadelphia area has been strong over the past year and is expected to remain that way for the foreseeable future. These factors made this an attractive deal for Hunt.” Village at Voorhees Apartments is comprised of 40 two- and three-story buildings. Property amenities consist of two tennis courts, two swimming pools, two fitness centers, and a clubhouse with internet access. The deal team at Hunt included Cox and Michael Powell, Originator.
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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.