Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $19.2 million Fannie Mae loan to finance the acquisition of a multifamily property located in Irving, Texas.
Ladera Ranch Apartments is a garden-style multifamily complex comprised of 24, two-story residential buildings, plus a standalone leasing office with a total of 280 units. The borrower is Aldwin Apartments, and its managers are John Whitman and Seth Weinroth.
“John and Seth are not only repeat Fannie Mae clients, but they are return Hunt Mortgage Group sponsors,” explained Vic Clark, Managing Director with Hunt Mortgage Group. “We have been working together for nearly 20 years and value this long-term relationship immensely.”
The term of the loan is 12-years with 3-years of interest only, followed by a 30-year amortization schedule. Built in 1983, the property was previously known as Wind Tree Apartments.
“In 2014, the seller invested approximately $1.6 million in exterior improvements to the property, including a full clubhouse renovation and new exterior siding and painting,” added Colin Cross, Vice President at Hunt Mortgage Group, who managed the transaction. Cross noted, “The borrower plans to continue to improve the property by implementing interior renovation. The property is in good condition and offers superior curb appeal. We were pleased to facilitate this acquisition for such a quality repeat sponsor.”
Common area amenities include: two in-ground swimming pools, a tennis court, two laundry facilities and a playground.