Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan facility in the amount of $13.3 million to refinance a multifamily property located in Fullerton, California.
Hudson Ridge Apartments is a 148-unit garden style apartment community comprised of five, two-story buildings, containing 58,468 square feet of rentable space. The property was developed in 1962 and is situated on a 2.05 acre parcel of land.
The borrower is PRH II, LP, a California Limited Partnership. The loan term is 10-years with amortization based on a 30-year schedule with four-years of interest only. Yield maintenance will apply during the first 9.5 years.
“The borrower acquired the property in 2006 and has performed a variety of capital improvements including stucco repairs, exterior painting of the buildings, new windows and upgrades to a number of unit interiors,” noted Paul Angle, Managing Director at Hunt Mortgage Group.
The property offers laundry facilities throughout, 94 parking spaces and is 90% occupied.
“Hudson Ridge Apartments has been well-maintained and the borrower is a seasoned investor with experience owning and operating multifamily assets in the Los Angeles market,” added Angle. “We were pleased to deliver on this loan for a quality sponsor.”
The property is located in Orange County, in the city of Fullerton. Orange County’s economy continues to outperform the local surrounding counties, the state and national economies. Hudson Ridge Apartments is easily accessed and is less than two miles from Interstate 5 and State Route 91. In addition, the property is in close proximity to major arterials, including Commonwealth Avenue and Brookhurst Road, giving it strong visibility and accessibility.