Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided loan facilities to enable the acquisition of two multifamily properties for the same sponsor. The total Hunt Mortgage Group investment is $14.15 million.
The properties include:
· Fiddler’s Creek Apartments. Hunt Mortgage Group provided a $4.8 million Fannie Mae Conventional Multifamily loan to enable to acquisition of Fiddler’s Creek Apartments. Located at 2180 Fiddlers Court in Winston-Salem, North Carolina, the property is a 160-unit garden-style apartment community that is comprised of 13 buildings.
The loan term is seven-years. The previous owner made substantial capital improvements to the property over the past three years, investing more than $300,000. Upgrades implemented include new unit carpeting/vinyl flooring, seal coating/restriping of the parking lot and exterior painting. Post-closing, the borrower plans to spend an additional $150,000, most of which will be dedicated to “green” improvements. The property offers 263 on-site parking spaces, a pool, two BBQ areas, a playground, a tennis court, and common area laundry facility.
· Baywatch Pointe Apartments. Located at 5414 Catina Arch in Virginia Beach, Virginia, the property is a 160–unit apartment community that consists of a total of 12 buildings. The loan term is seven-years. Hunt Mortgage Group provided a Fannie Mae Conventional Multifamily loan in the amount of $9.35 million to secure the acquisition of this property.
The sponsor plans on investing approximately $270,000 in interior renovations upon acquisition. Complex amenities include a swimming pool, sun deck, playground, and fitness center. The property also offers 320 parking spaces.
“The borrowers are well-established commercial real estate and multifamily investors,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “All of these properties are performing well and will continue to be improved. We were pleased to deliver on these loans.”