Hunt Mortgage Group Refinances an Affordable Multifamily Property Located in Houston, TexasNew York, NY — June 20th, 2017
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan facility in the amount of $11.6 million to refinance a multifamily property located in Houston, Texas.
Northland Woods Apartments is a 280-unit garden-style multifamily apartment community comprised of 21 two- and three-story apartment buildings. It is located in the Greenspoint neighborhood of northern Houston near George Bush Intercontinental Airport.
“The borrower built the property in 2005 and is a seasoned owner of multifamily affordable housing,” noted Paul Weissman, Senior Managing Director at Hunt Mortgage Group. “The Low Income Housing Tax Credit Program was utilized to develop the property.”
Northland Woods Apartments is operated as an affordable apartment community for residents earning 60% of the Area Median Income (AMI) or less with rents restricted at 50% AMI. Project amenities include an on-site leasing/management clubhouse building with Wi-Fi accessibility, business center and fitness center, two swimming pools, a playground, three common laundry buildings, and a wooden pergola adjacent to the pool at the clubhouse building.
“All of the multifamily properties they own are located in Texas with the majority in Houston or the surrounding metro region,” added Weissman. “We were pleased to deliver this loan to a solid sponsor who provides much needed affordable housing to the local community.”
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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 $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 221 professionals in 24 locations throughout the United States.