Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $5.45 million to refinance a multifamily property located in Hazelwood, Missouri.
Brittany Townhomes and Trotwood Downs includes nineteen residential buildings, each with two-stories. The property consists of 40-townhome units within Brittany Townhomes and a 68-unit garden apartment complex known as Trotwood Downs. The property is located at 7200 Brittany Town Place and 8507 Tally Ho Drive and was constructed between 1965 and 1968.
The property is run as one and has been operated in this way for more than 15 years. Brittany Townhomes and Trotwood Downs is 94% occupied.
The borrower is Nidhi Gardens LLC, a single purpose, Missouri limited liability company, backed by key principals Ravi Kumar V. Devisetty and Sudha Rani U. Devisetty. The loan is ten-year fixed, with one year of interest-only followed by 30-years of amortization and 117-months yield maintenance with the last three months open to prepayment. Hunt Mortgage Group was able to secure a scattered site exception approval with Freddie Mac as well on this deal.
“The borrower acquired the property in 2015 and has invested approximately $538,000 in renovations since the time of acquisition, including both interior unit, common area and exterior upgrades,” explained Owen Breheny, Managing Director at Hunt Mortgage Group. “To date, approximately 40% of the units have been upgraded and the borrower plans to have all units upgraded within the next 12-18 months.”
“The borrower is somewhat new to commercial real estate investing, having become more involved in the acquisition and ownership of multifamily real estate over the last five years,” added Breheny. “Prior experience with the industry comes from their role as a corporate officer and a former mortgage banker with CitiMortgage. They have also recently successfully acquired, rehabbed and repositioned three multifamily properties. We were pleased to partner with this new Hunt Mortgage Group client.”
The city of Hazelwood, Missouri is located in the northern portion of the St. Louis MSA.