Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided two Freddie Mac loans in the amount of $5.9 million to refinance two multifamily properties located in Riverside California.
The borrower is a California limited liability company, backed by Aleksandar and Brankica Nadazdin. The transactions are 5+15 Hybrid Arm loans with a 30-year amortization period with no interest-only and stepdown option. The properties include:
- Vernon Manor Apartments. Mt. Vernon Manor Apartments consists of 50 units contained in six, two-story buildings on two contiguous parcels situated on 2.09 acres of land. Located at 7410 and 7450 Mount Vernon Street, the properties were built in 1954 and 1958, consecutively. Property amenities include 10 parking garages, a swimming pool and a laundry. Mt. Vernon Manor Apartments is 100% occupied. Hunt Mortgage Group provided a $3.9 million loan to refinance this property.
- Potomac Apartments. Hunt Mortgage Group provided a $2 million loan to refinance Potomac Apartments, a 30-unit multifamily property. Built in 1955, the property is contained in five, two-story buildings situated on 0.88 acres of land. Property amenities include 10 attached garages and a laundry facility. Potomac Apartments is 100% occupied and competes well in the market.
“The Nadazdin’s are new clients for Hunt Mortgage Group and Freddie Mac. They started investing in multifamily real estate in 1996 and began acquiring numerous single family rental homes in addition to multifamily projects,” commented Chris Warren, Vice President at Hunt Mortgage Group. “Over the past 20 years, they have initiated, managed and completed several major rehab projects on various properties. The bulk of their investments have been located in the Inland Empire, particularly in Riverside.”
Riverside, California is part of the Riverside-San Bernadino-Ontario MSA. This area is composed of two counties: Riverside and San Bernadino and is referred to as the Inland Empire. The Riverside MSA is the 13th largest MSA in the country and the third largest MSA in California.
“After a significantly negative impact to the market from the recent recession, the Riverside-San Bernadino-Ontario market has rebounded to become Southern California’s fastest growing large economy and is outperforming the nation in numerous metrics,” added Warren. “We were pleased to form a new relationship with these hands-on, experienced commercial real estate and multifamily investors.”