Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan to finance the acquisition of a multifamily property located in Tucson, Arizona. The total loan amount was $4.41 million.
Rosemont Gardens and Casa De Oro Apartments is a garden-style multifamily property located at 5121 and 5171 East 29th Street. The property consists of 152 units housed in ten, two-story buildings, with three laundry facilities and the property is a 100% very low income facility.
The transaction is a ten-year fixed-rate loan with 24-months of interest only and a 30-year amortization. The borrower is RGCD Investments, LLC, a State of Arizona limited liability company, backed by key principal Ken Motz.
“Ken is an experienced commercial real estate owner and deal syndicator with interests in several properties,” commented Penny Bradbury, Vice President at Hunt Mortgage Group. “He built his own portfolio while working at Citi Private Bank in Manhattan over 16-years and has been syndicating deals with HNW investors since leaving Citi in 2011. We were pleased to partner with Ken on this deal and look forward to working with him in the future.”
The properties are located on individual parcels and the combined site area is 190,512 square feet, or 4.374 acres. Combined, the properties are approximately 98% occupied.
Property amenities at Rosemont Gardens consists of two swimming pools, a playground area and two laundry facilities. Amenities at Casa De Oro consists of a swimming pool, seating area with pergola, basketball court and laundry facility.