Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided the financing for three multifamily properties located in Florida.
The properties include:
- Villas of Salzedo. Hunt Mortgage Group provided a $1.3 million Freddie Mac small balance loan facility to refinance Villas of Salzedo, 12-unit walk-up apartment complex with one, two-story apartment building located in Coral Gables, Florida. The loan is a 10-year fixed-rate loan, with three years of interest-only and 30-years of amortization.
The property was built in 1926 and is located in the heart of Coral Gables. The borrower is Villas of Salzedo LLC, a single-purpose, Florida limited liability company. Villas of Salzedo is 100% occupied. The borrower is a first time Hunt Mortgage Group and Freddie Mac sponsor.
The borrower purchased the property in December, 2012 and has made significant improvements in the property, including: roof replacement; truss reinforcement and ceiling replacements; interior improvements; electric upgrades; windows and doors replacement; and fire alarm system upgrades. Following the improvements and stabilization, the borrower turned to Hunt Mortgage Group for long-term fixed rate financing.
- Villas of Cutler Bay. Hunt Mortgage Group and Freddie Mac are concurrently refinancing Villas of Cutler Bay, a mixed-use residential and commercial property with the same sponsors behind the Villages of Salzedo property. Hunt Mortgage Group provided a $2.9 million Freddie Mac small balance loan for this property comprised of 23 residential units and eight commercial units that occupy the ground-level. The property is located in Cutler Bay, Florida, which is approximately 25 miles south of downtown Miami.
The loan is a 10-year fixed-rate loan, with three-years of interest-only and 30-years of amortization. The buildings were constructed in 2004 and have been used for both residential and commercial purposes. Villas of Cutler Bay is 100% occupied.
Since acquisition in 2015, the borrower has invested significant capital for improvements to enhance the asset’s quality. Improvements include: fencing and irrigation; rain gutters, awnings, roof repairs, doors and exterior painting; new signage; and the addition of a security system.
- East Wind Apartments. East Wind Apartments is a 16-unit garden apartment complex located in Miami, Florida. Hunt Mortgage Group provided a $2.8 million Freddie Mac small balance loan to refinance this property, which was built in 1956 and is comprised of two, two-story buildings on a 0.58-acre parcel of land.
The borrower is Luis Properties II, LLC, a single-purpose, Florida Limited Liability Company and a first time Hunt Mortgage Group and Freddie Mac partner. The loan is a 10-year fixed-rate loan, with three-years of interest-only, followed by 30-years of amortization. The property is currently 100% occupied. Improvements include: landscaping and waterproofing upgrades; HVAC, ceiling insulation, roof system and window and door improvements; as well as a variety of interior unit upgrades.
“All three properties are performing well and are located in quality markets,” noted Marc Suarez, Director, at Hunt Mortgage Group. “The borrowers are all new to Hunt Mortgage Group and Freddie Mac. They are experienced local commercial real estate and multifamily investors with multiple interests in the Florida market. When we opened the Hunt Mortgage Group Miami office we envisioned working closely with the local commercial real estate community. These three transactions are a perfect example of how we can add value – by understanding the needs of local investors and providing to them the long-term fixed rate products they wanted.”