Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided two Fannie Mae loans to finance the acquisition of two multifamily properties located in Amherst, New York. The loans were provided to the same sponsor and the properties were acquired concurrently. The total investment is $7.5 million.
Loan terms include a 10-year including two-years of interest-only, followed by a 30-year amortization. The properties:
- Alberta Square Apartments. Hunt Mortgage Group provided acquisition financing in the amount of $2.5 million for Alberta Square Apartments. Located at 386 Alberta Drive in Amherst, the property is situated on 2.3 acres and consists of three, two-story residential buildings, plus one garage building. Alberta Square has a total of 48 units and was built in 1965. All units have two-bedrooms and one-bath.
- Bowdoin Square Apartments. Hunt Mortgage Group provided a $5 million loan to facilitate the acquisition of Bowdoin Square Apartments. Located at 1260 North Forest Road in Amherst, the property is situated on 7.9 acres and is comprised of eight, two-story residential buildings, plus two garage buildings. Bowdoin Square Apartments houses 70 units, was built in 1968, and has four floor plans.
“The borrower is new to both Hunt Mortgage Group and Fannie Mae,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “They are well-backed, seasoned commercial real estate investors.” The deals were brokered to Hunt Mortgage Group by Frank Giacobbe of Aurora Capital Advisors, LLC.
Both properties are in Amherst, New York, a northern suburb of Buffalo and within the Buffalo-Niagara Falls Metropolitan Statistical Area (MSA). The MSA is comprised of Erie and Niagara counties and has a current population of approximately 1.1 million. The properties are located 16.7 miles north of the Buffalo and 10.2 miles northwest of the Buffalo-Niagara International Airport.
“Cox added, “The forecast for population and household growth in the area is expected to be positive over the next five to six years. We were pleased to deliver these loans to this quality sponsor.”