Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $9.2 million Freddie Mac loan to enable the acquisition of a multifamily property located in Eagle, Idaho. The transaction was sourced by Terry Painter at Business Loan Store.
Eagle River Apartments is an 80-unit, garden-style apartment facility located at 827 East Riverside Drive. The property is situated on a 5.38-acre site and has 20 one-bedroom, 40 two-bedroom, and 20 three-bedroom units in six, two-story apartment buildings.
“The borrower will be using funds from a deferred exchange for a portion of the purchase price of the property,” explained Sergey Klimov, Vice President at Hunt Mortgage Group. “The remaining balance of the funds will come from a Reverse 1031 Exchange, where the borrower will sell another property in the next 180 days to facilitate the reverse exchange. This is a rather unusual deal structure. At Hunt Mortgage Group, we have only closed a handful of select reverse 1031 exchanges.”
The borrower is Eagle Riverside, LLC and #308 Pioneer Exchange Accommodation Titleholder, LLC as tenants in common. The loan is structured with a seven-year term.
“The property was built in 2015, is in excellent physical condition and has great curb appeal,” added Klimov. “The borrower is based in Washington State and is a seasoned commercial real estate investor and owner of 136 units in the local area. In addition, the property will be managed by an experienced local management company. We are excited to deliver on this unique facility for a quality borrower.”
Eagle River Apartments is located within the Eagle submarket, 15 miles northwest from the Boise Central Business District. The immediate area surrounding the property is a newer area of development, consisting primarily of residential units with much of the development being built after 1989.