Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has refinanced a five property multifamily portfolio for the same sponsors. The properties are all located in New Jersey and Hunt Mortgage Group provided a total of $15.2 million for these five Freddie Mac Small Balance loans. The borrower is Norse Holdings.
“The proceeds from this new loan will be used to continue to improve these properties and to fund future acquisitions of additional properties,” noted Steven Cox, Managing Director at Hunt Mortgage Group.
The properties include:
- Beachview Gardens. Beachview Gardens is a 44-unit multifamily property located at 544-560 Beachway Avenue in Keansburg, New Jersey. The property is comprised of two, two-story buildings and is 97 percent occupied. The property offers 38 one-bedroom, one-bathroom apartments and six two-bedroom, one-bathroom units. The borrower recently invested $261,350 in capital improvements in the property. The total Hunt Mortgage Group investment in this property was $4.6 million.
- Clementon Norse Apartments. Hunt Mortgage Group provided a loan in the amount $4.4 million to refinance Clementon Norse Apartments, a 56-unit multifamily property located at 222 White Horse Pike in Clementon, New Jersey. The property is comprised of five, two-story buildings and consists of 48 one-bedroom, one-bathroom units and eight two-bedroom, one-bathroom apartments. The borrower invested $122,900 in capital improvements since January 1, 2016.
- 165 Quincy Ave Apartments. 165 Quincy Ave Apartments is located in Kearny, New Jersey and consists of nine apartment units within one two-story building. The units are comprised of five one-bedroom, one-bathroom units and four two-bedroom, one-bathroom apartments. The borrower has invested $52,975 in capital improvements. The Hunt Mortgage Group loan totaled $1 million.
- 388 Smith Street. Hunt Mortgage Group invested $1.3 million to refinance 388 Smith Street, a rent controlled 12-unit multifamily property comprised of one two-story building located in Perth Amboy, New Jersey. The property offers nine one-bedroom, one-bathroom apartments and three two-bedroom, one-bathroom units. The borrower invested $69,150 in capital improvements in this property.
- Woodbine Apartments. Woodbine Apartments is a 48-unit multifamily property with one, three-story building located at 300 Broadway in Westville, New Jersey. The units mix is 42 one-bedroom, one-bathroom apartments and six two-bedroom, one-bathroom apartments. Hunt Mortgage Group invested $3.8 million to refinance Woodbine Apartments and the borrower completed $89,050 in capital improvements.
“In order to maximize cash-out proceeds for each deal we had to mix and match different loan terms for the various properties because of the different markets they are in,” explained Cox. “Clementon Norse and Woodbine are located just outside of Philadelphia, while 388 Smith, 165 Quincy Road and Beachview are located along the Atlantic Coast outside of New York City. As a result Clementon Norse and Woodbine were executed with a ten-year fixed rate loan, while the other three were structured with five-year hybrid terms.”
The deal team at Hunt Mortgage Group included Cox and Kris Molloy, Vice President.
“The borrower is a seasoned, quality multifamily commercial real estate and multifamily investors, as well as a repeat Hunt Mortgage Group client,” added Cox. “We were pleased to partner with them again on these deals.”