Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $9.3 million Fannie Mae loan facility to enable the acquisition of a multifamily housing property located in Naples, Florida.
Jade at Olde Naples is a garden-style multifamily property comprised of nine, two-story apartment buildings and one leasing office with a total of 104 units. The buildings were developed in 1958 and 1972 and offer a total of 56,662 square feet of rentable space.
The property underwent a multimillion dollar gut renovation that was completed in 2015/2016. The Sponsor is Corridor Ventures, a Connecticut-based real estate investment company. The transaction is structured with a 12-year term with 11.5 years yield maintenance. There are three years of interest only followed by 30 year amortization.
“The borrowers are seasoned multifamily investors with a solid track record of success throughout the state of Florida, and they are also repeat Hunt Mortgage Group clients with several current portfolio loans,” commented Josh Messier, Director at Hunt Mortgage Group. “Jade at Olde Naples is in excellent condition due to the recent renovation, is 99% occupied, and is well located in Naples, a strong market for quality multifamily rental properties. We were pleased to deliver acquisition financing for a valued repeat client.”
Jade at Olde Naples is situated on 3.23 acres of land and the property offers one-bedroom, one-bathroom and two-bedroom, one-bathroom units. The property also offers parking via 156 open parking spaces.