Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided an $11 million Fannie Mae loan to refinance a multifamily property located in Wentzville, Missouri.
The Villages at Lake Silvercote is newly developed with construction having begun in 2014 and recently completed in 2015. The property was built by the borrowers. The loan terms include a seven-year term, with one-year interest-only, followed by a 30-year amortization period, and a 6.5 year yield maintenance period.
“The borrowers are experienced multifamily owners and investors and repeat Fannie Mae and Hunt Mortgage Group clients. Previously they closed 13 loans with us,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “Villages at Lake Silvercote was structured in three phases – development for Phase I started in 2014 and was recently completed. Phase II is currently under construction and the lease-up process is underway.”
Villages at Lake Silvercote is a 105-unit apartment complex made up of ten, two- and three-story residential buildings, with two non-residential common area buildings. The Property consists of five, three-story apartment buildings, five, two-story townhouse buildings. Project amenities include a clubhouse, 24-hour fitness center, swimming pool, garage, and on-site management.
The property is located in Wentzville, within the St. Louis Metropolitan market and the St. Charles County submarket.
“Demand for multifamily is high in this strong submarket,” added Cox. “Wentzville is expecting a population boom and the newly constructed Phase I leased very well. We were pleased to partner again with this solid investor on quality housing for the local market.”