Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a conventional Freddie Mac loan in the amount of $21 million to refinance a multifamily property located in Pittsburgh, California.
Portofino Apartments is a 148-unit garden-style multifamily property with 11, two-story buildings with 119,482 square feet of rentable space on a 6.11 acre site. The property was built in 1986 and has a total of 218 parking spots for residents.
The borrower is a Delaware Limited Liability Company. The loan is floating rate with a seven-year term, amortizing over 30 years.
“The borrower purchased the property in 2012 and invested more than $1.6 million in capital improvements since ownership which significantly increased the value of the complex,” noted John Beam, Managing Director at Hunt Mortgage Group. “The borrower continues to improve Portofino apartments as units are being renovated upon normal turn-over.”
A phased renovation program is being implemented and tenants that are not vacating the property have the option to have the units updated at renewal on their unit, or move to a unit that has already received the renovation. To date, 68 units have been renovated to the level one update and 36 units have been renovated to the level two update package.
“The borrower is a seasoned commercial real estate and multifamily investor with whom we have done over 30 transactions,” added Beam. “We were pleased to deliver on this loan for a quality national sponsor.”
The property is located in Pittsburg, an eastern suburb of the East Bay area, within the San Francisco MSA. The local neighborhood consists of a mix of residential, commercial, and industrial developments.
Portofino Apartments contains 52 one-bedroom, one-bathroom apartments, 77 two-bedroom, two-bathroom units, and 19 three-bedroom, two-bathroom apartments. Complex amenities include a fitness center, swimming pool and clubhouse, control access gate system and pet stations.