Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided an $11.6 million Fannie Mae loan to refinance a multifamily property located in Humble, Texas.
Located at 7150 Foxbrick Lane, Villas at Foxbrick is a garden-style multifamily property consisting of 11 two- and three-story residential buildings and a single-story leasing office. The borrower is TJD Texas Enterprises, LLC, a Texas limited liability company. The loan terms include a 10-year term, 30-year amortization period, and a 9.5-year yield maintenance period.
“The borrower is a new Hunt Mortgage Group and Fannie Mae customer that has owned and managed Villas at Foxbrick since it was built in 2004,” noted Daniel Eibler, Director at Hunt Mortgage Group. “The property is in very good condition and benefits from solid and thoughtful operations. It has been at full occupancy – 99% or better – for the past 24 months.”
The property is situated on 8.6 acres of land and was developed in two phases. Phase I was built in 2004 and consists of 120 units in seven buildings; phase II comprises 80 units in four buildings and was built in 2006. Villas at Foxbrick houses 200 units, and the unit mix is one- and two-bedroom units in a variety of floor plans.
“Villas at Foxbrick, located in Humble, is in the north central area of greater Houston, approximately 21 miles north of Houston’s central business district,” added Eibler. “We were pleased to secure this financing for such a strong new Hunt Mortgage Group sponsor.”
The mortgage banker on this deal was Robert Merkt, of Commercial Capital Advisors.
Property amenities include 325 parking spaces, two saltwater pools, and a spa and fitness center.