Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $9.5 million Fannie Mae loan to refinance a multifamily property located in Perris, California.
The Hunt Club Apartments is a 203-unit garden style apartment community located at 1355 Perris Boulevard. Situated on a 14.9 acre site, the property is comprised of 29 two-story residential buildings, an office/leasing building, and two maintenance buildings. The unit mix is 201 two bedrooms with one bathroom, and two studio apartments.
The loan term is 12 years with amortization based on a 30-year schedule with 144 months of interest only. Yield maintenance will apply during the first 11.5 years.
“Hunt Club Apartments was built in 1988, is in good condition and its current occupancy is 97%,” commented Krage Olrich, Vice President at Hunt Mortgage Group. “In addition, the borrower is a seasoned commercial real estate investor based in Oregon who is a repeat Hunt Mortgage Group customer.”
Hunt Club Apartments is located in Perris, in the city of Riverside and within the Riverside-San Bernardino-Ontario MSA, also known as the Inland Empire. Riverside is approximately 55 miles east of Los Angeles. The property is less than a mile south of State Route 74 and less than two miles southeast of Interstate 215. In addition, the property is in close proximity to major arterials, including Perris Boulevard and Ellis Avenue.
“This property has access to four major thoroughfares,” added Olrich. “Housing in the Inland Empire has been performing well with a strong labor market and low interest rates. It has also become an affordable alternative to some more expensive coastal regions. We were pleased to refinance this quality property for such a strong sponsor.”
Property amenities include: eight small playgrounds, a baseball diamond, basketball and tennis courts, and a swimming pool.