Hunt Mortgage Group Refinances a Multifamily Property Located in San Antonio, TexasNew York, NY — August 6th, 2015
Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $9.6 million loan to refinance a multifamily property located at 8525 Floyd Curl Drive in San Antonio, Texas. The loan was arranged through Hunt Mortgage Group’s Proprietary Loan team, the firm’s new balance sheet lending platform.
“Our new Proprietary Loan platform was created to provide balance sheet loans to finance properties in numerous asset classes,” explained Daniel J. Wolins, Managing Director and Chief Credit Officer for commercial real estate at Hunt Mortgage Group. “This includes: manufactured housing, healthcare/senior housing, office, retail, industrial and self-storage facilities.”
Hyperion Apartments is a garden-style multifamily property situated on a 12.092 acre parcel of land. The property was built in 1985 and is comprised of twenty-eight, two-story residential buildings and a single-story leasing office/clubhouse building that houses a total of 243-units.
“The borrower is Konark Limited Partnership, a Texas limited partnership, backed by Charlie Yalamanchili,” commented Vic Clark, Managing Director at Hunt Mortgage Group. “Charlie is a premier and seasoned commercial real estate and multifamily investor and a repeat Hunt Mortgage Group client. We are excited to close this loan for a great long-term and repeat customer like Mr. Yalamanchili ”
Hyperion Apartments has 446 parking spaces and is currently 90% occupied. Loan terms include a ten-year term amortizing over 30 years.
“The property is well located in a neighborhood that consists of a mixture of single-family subdivisions, multi-family projects, free-standing retail, retail centers, hotels, office/commercial, institutional, industrial and vacant land,” added Clark. “We were pleased to close on this loan, a mere three days before the existing loan matured. Our team worked efficiently with Charlie’s team to quickly close this deal.”
Hyperion Apartments is located in the northwestern portion of San Antonio, approximately eight miles northwest of the San Antonio central business district. The property benefits from its location nearby South Texas Medical Center, which consists of over 75 medically related institutions, more than 45 clinics, 12 major hospitals, and multiple small practices and offices. San Antonio also has a strong military presence and is home to Fort Sam Houston, Lackland Air Force Base, and Randolph Air Force Base, with Camp Bullis and Camp Stanley just outside the city. San Antonio is also home to five Fortune 500 companies and the South Texas Medical Center.
The property features a unit mix that includes 20 studios, 104 one-bedroom, one-bathroom apartments, 27 one-bedroom, one-and-a-half bathroom units, 56 two-bedroom, one-bathroom apartments, and 36 two-bedroom, two-bathroom units. Project amenities include a swimming pool, clubhouse, fitness center, laundry facility, picnic areas, BBQ grills, carports and access gates.
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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.