New York, NY — July 13, 2017 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a $10 million conventional Fannie Mae DUS® loan to facilitate the acquisition of a multifamily property located in San Antonio, Texas. The loan was sourced through Steve Sieling with Azur Commercial Capital, LLC which is based in Dallas, TX.
The Richland Apartments is a 192-unit garden-style multifamily property comprised of 14 two-story residential buildings plus single-story leasing office building with attached two-story clubhouse.
The borrower is Richland Living LLC, a Texas limited liability company. Loan terms include a 12-year term, 30-year amortization period, and an 11.5-year yield maintenance period.
“The borrower is a seasoned local multifamily investor that understands the San Antonio market and currently owns seven properties in the area with a total of 299 units,” explained Charlie Cole, Senior Vice President at Hunt Mortgage Group. “The sponsor is also a repeat Hunt Mortgage Group and Fannie Mae customer.”
Property amenities include a fitness center and common laundry facility, and a kitchen, game table, dining seating, and internet café within the two-story clubroom building. Community amenities include a tennis court, outdoor swimming pool and spa, and a gated entrance.
“Richland Apartments was built in 1984 and is in excellent condition, as the previous owner recently upgraded most of the units,” added Cole. “We were pleased to fund this loan for a quality local multifamily investor.”
The property is located in the San Antonio-New Braunfels MSA, also known as “Greater San Antonio,” 13.3 miles northwest of the San Antonio central business district and 12.5 miles northwest of San Antonio International Airport. The neighborhood is an expanding bedroom community with convenient access to the central business district and interstate system.