Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that its Atlanta team closed a $119 million loan portfolio in June. The 10-property multifamily portfolio had 2,416 units and is located in Houston and Dallas.
The properties were refinanced with loan amounts on the individual properties ranging from $8.5 million to $16.8 million and they were all done through the Freddie Mac floating rate program. “Hunt Mortgage Group facilitated the acquisition of all of these properties for the borrower in 2013 and 2014, and the borrower has invested in significant capital improvements at each location since that time,” noted John Beam, Atlanta Managing Director at Hunt Mortgage Group.
“What was great about this portfolio is that the work completed by the borrower significantly increased the net rental income and NOI,” said James Kelly, Vice President in the Atlanta Hunt Mortgage Group office. All of the properties offer competitive amenity packages.
The borrower is a seasoned commercial real estate and multifamily investor, a repeat Hunt Mortgage Group client and a new Select Sponsor.
Houston and Dallas have both had expanding populations over the past few years so there is a strong demand for quality, affordable multifamily options. These properties are all 1980’s vintage and they perfectly address the affordable unit needs in both markets. Furthermore, the properties are managed by a sponsor affiliated management firm that continues to serve the tenants and add value.
Recently the market fundamentals in Houston have been a bit challenging, however Hunt Mortgage Group was able to provide the client with excellent loan terms. “Customer service and closing on time as promised are of the utmost importance at Hunt Mortgage Group,” added Beam.