Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided non-recourse bridge and permanent Fannie Mae loans to finance three multifamily properties located in Houston, Texas all for the same Sponsor – Mr. Charlie Yalamanchili and Ilan Investments, LLC.
The properties include:
· Ravello at Tuscan Lakes is a 244-unit garden-style multifamily complex located at 1750 East League City Parkway in League City, Texas. The loan is inclusive of a $150,000 capital improvement reserve for exterior work to renovate the property. League City is located approximately 30 miles southeast of downtown Houston. The property is situated on an 11.94 acre site and is comprised of eleven two- and three-story residential buildings, a single-story leasing office/clubhouse, and a single-story cabana building. Project amenities include a swimming pool with tanning deck, hot tub, cabana with BBQ grills, outdoor lounge with fire pit and dog-park. The loan is structured as a 24-month floating rate loan with two options to extend the term of the loan for a period of 6 months each.
· Breton Mill is located at 13555 Breton Ridge Street and is situated in the Champions/Willowbrook submarket on the northwest side of the Houston-Woodlands-Sugar Land MSA. The property is a garden-style apartment complex that was built in 1986 and is comprised of 21 two- and three-story residential buildings containing 392 units plus a single story leasing office/clubhouse building, fitness center, wi-fi café and outdoor pool area. The Fannie Mae refinance loan featured a ten-year term with four years of interest only payments, a 30-year amortization period, and a 9.5-year yield maintenance period.
· Champion Oaks is located at 14150 Wunderlich Drive and is also situated in the Champions/Willowbrook submarket approximately three miles from Breton Mill. The property is a garden-style apartment complex that was built in 1985 and is comprised of 20 two- and three-story residential buildings containing 252 units plus a single story leasing office/clubhouse building, fitness center, tennis court, and outdoor pool area. The Fannie Mae refinance loan featured a ten-year term with five years of interest only payments, a 30-year amortization period, and a 9.5-year yield maintenance period.
The Breton Mill and Champion Oaks refinances were closed utilizing Fannie Mae’s “Green Rewards” program which allowed Hunt Mortgage Group to fund the Sponsor’s planned energy- and water utility-saving improvements and achieve lower interest rate pricing.
“The Sponsor is a premier commercial real estate and multifamily investor and is also a repeat Hunt Mortgage Group and Fannie Mae client,” noted Colin Cross, Director and head of the Dallas Originations Team at Hunt Mortgage Group. “We have partnered with Charlie on a number of deals over the past couple of years – including several others in the Houston MSA – and were very pleased to partner with him again to secure the financing he needed for these three great pieces of real estate. We look forward to continuing this long-term relationship with the entire Ilan team.”