Hunt Mortgage Group Refinances Five Multifamily Properties Located in FloridaNew York, NY — March 30th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided $35.3 million in Fannie Mae loans to refinance five multifamily complexes located in Orlando and Cutler Bay, Florida.
Hunt Mortgage Group placed Fannie Mae Multifamily Affordable Housing (MAH) loans on four of the properties (Metro Place I & II, Brandywood, Hidden Creek Villas and Calusa Cove) and a Fannie Mae market-rate loan on the final property (Bella Lago). The properties include:
- Metro Place I & II. Developed in two phases in 1998 and 1999, Metro I & II is located in Orlando. The property is a garden-style multifamily complex that is comprised of 26, two- and three-story buildings with a total of 536 units. Property amenities include two swimming pools, a fitness center and playground. Hunt Mortgage Group provided a 10-year, fixed rate $18.4 million loan to refinance Metro Place I & II.
- Constructed in 1985, Brandywood is located in Orlando. The property includes 88 units in a garden-style multifamily property, plus two 1,000-1,100 square-foot rental houses for a total of 90 units. Property amenities include a swimming pool. Hunt Mortgage Group provided a 10-year, fixed rate $2.78 million loan for the refinancing of Brandywood.
- Hidden Creek Villas. Hidden Creek Villas is a garden-style multifamily property that is comprised of 26 two- and three-story buildings with a total of 304 units. Constructed in 1995 in Orlando, amenities at Hidden Creek includes two swimming pools, a community center and playground. Hunt Mortgage Group provided a 10-year, fixed rate $6.35 million loan for the refinancing of Hidden Creek Villas.
- Calusa Cove. Located in Cutler Bay in the Miami-Dade metropolitan area, Calusa Cove was built in 2004 and is a six-story, two-building mid-rise multifamily property. The property has a total of 144 units, overlooking a large lake. Property amenities include a swimming pool, playground and car care center. Hunt Mortgage Group provided a 17-year, fixed rate $3.8 million loan for the acquisition of Calusa Cove.
- Bella Lago. Bella Lago was constructed in 1989 and was completely renovated by the key principals, Lou Vogt and Scott Zimmerman, with a focus on energy savings and water/sewer conservation, as well as interior unit upgrades. Located in Orlando, the property is a garden-style multifamily property, comprised of seven, two- story buildings with a total of 156 units, fronting Lake Buchanan. Hunt Mortgage Group provided a 10-year, fixed rate $4.0 million loan for the refinancing of Bella Lago.
“Metro Place I & II, Brandywood, Hidden Creek Villas and Calusa Cove are all LIHTC properties that provide over 1,000 units of much needed affordable housing to their local markets,” noted John Beam, Managing Director, at Hunt Mortgage Group. “The borrowers are well-known owners and operators with decades of affordable housing experience and with holdings throughout the southeast. We were pleased to provide financing on these quality properties for such a strong sponsor.”
“Bella Lago is an award-winning, market-rate property that exemplifies Lou and Scott’s belief in ‘green’ development principles. The property provides demonstrated cost-savings to both tenants and owners,” according to Deborah Proctor, Vice President, at Hunt Mortgage Group. “We are excited about the prospect of financing more ‘green’ properties,” added Proctor.
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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.