Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided two Freddie Mac affordable multifamily loans to refinance two multifamily properties located in Texas. The total Hunt Mortgage Group investment was $20.5 million.
Both loan facilities have a seven-year loan term, 24-months of interest-only payments and 30-year amortization schedule beginning in year three of the loan. The properties include:
- Red Hills Villas Apartments. Red Hills Villas Apartments is a garden-style multifamily complex that consists of six buildings with a total of 168 multifamily units. Hunt Mortgage Group provided a loan in the amount of $13.8 million to refinance this property. Red Hills Villas is 100% comprised of low income units, of which 46 are very low income apartments.
The property is located in Round Rock, Texas, which is 20 miles north of downtown Austin in the Austin-Round Rock-San Marcos MSA. The property has an appealing, suburban location with good access to shopping, freeways, large employment centers and schools. The rapid growth of Round Rock as a residential community is expected to continue due to general economic expansion of the greater Austin area as well as the specific impact of major high-tech employers in the northern suburban areas of Austin.
- Champion’s Crossing Apartments. Hunt Mortgage Group provided a loan in the amount of $6.7 million to refinance Champion’s Crossing Apartments, a garden-style multi-family property that consists of 13 building and a total of 156 units. The property is located in San Marcos, Texas, which is also in the Austin-Round Rock-San Marcos MSA.
“The borrower is a very experienced manager of affordable housing with a current management portfolio of more than 30,000 multifamily units, of which more than 20,000 are affordable apartments,” noted Paul Weissman, Senior Managing Director at Hunt Mortgage Group. “They are also repeat Hunt Mortgage Group customers. To date, we have originated five loans with this borrower.”
“Both properties have a historically stable occupancy and are in strong demand,” added Weissman. “We were pleased to deliver these loans to a solid sponsor who provides much needed affordable housing to the local community.”