Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided Fannie Mae Small Balance Loans to refinance two multifamily properties located in Florida. The total Hunt Mortgage Group investment was $4.1 million.
The properties include:
- Villas of Havana. Hunt Mortgage Group provided a loan in the amount of $2.5 million to refinance Villas of Havana, a 26-unit mid-rise affordable apartment complex located in Miami. The property is situated approximately two miles west of downtown Miami in the East Little Havana neighborhood of the city. The loan is a 10-year fixed-rate loan, with 30-years of amortization no interest-only.
Villas of Havana was built in 2000, was acquired by the borrower in 2014 and consists of one three-story apartment building that includes two residential stories above a one-story parking structure and laundry facility. The property is currently 92% occupied.
- Places at Capital Village. Places at Capital Village is a two-story walk-up affordable apartment building containing a total of 59 residential units. The property is located in Tallahassee, was built in 1973, and is 95% occupied. Property amenities include a laundry facility, an in-ground swimming pool, and surface parking for 118 vehicles.
Hunt Mortgage Group invested $1.6 million in Places at Capital Village and the loan terms include a 10-year term with 9.5-years yield maintenance amortizing over 30 years. The borrower purchased the property as a mismanaged property in September 2016 and has been successfully repositioning the asset since that time. Since acquisition, the borrower invested approximately $83,000 in capital improvements.
“Both Places at Capital Village and Villas of Havana are performing well and are located in quality markets,” noted Chad Musgrove, Vice President, at Hunt Mortgage Group. “The borrowers are both experienced local commercial real estate and multifamily investors with multiple interests in the Florida market. We were pleased to deliver quickly and efficiently on these deals to deliver quality affordable housing to the local area, as well as exceptional customer service which is one of our distinct differentiators in the Florida market.”