Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae conventional loan in the amount of $5.8 million to refinance a multifamily property located in Waterbury, Connecticut.
Store Avenue Apartments is a garden-style apartment complex that consists of two buildings located at 119 Store Avenue and 136 Store Avenue with a total of 113 units. The apartment buildings were built in 1964 and 1969 and have been used for residential purposes since their construction. The property is 97% physically occupied.
The borrower is 650 Howard 2017, LLC a single-purpose, Connecticut Limited Liability firm backed by key principals Tom Bechard and George Louie. The loan is a 10-year fixed rate, 30-year fully amortizing loan, with yield maintenance prepayment.
“The borrower is a repeat Hunt Mortgage Group and Fannie Mae customer that purchased the property in 2004,” explained Josh Messier, Director, Hunt Mortgage Group. “Since acquisition, the borrower has invested more than $900,000 in capital improvements over the past three years, including new windows, a new garage roof at one of the buildings and the installation of a vapor mitigation system.”
“Upon closing, the borrower plans to invest an additional $1.5 million in a variety of additional improvements, including elevator replacements, new roofs and the installation of solar panels at both buildings,” added Messier. “The initial improvements and the newly planned work will really help enhance the asset quality of the property.”
“We are very pleased to close our second loan with Hunt Mortgage Group. Fannie Mae has great programs but it can be difficult to dot all the I’s and cross all the T’s. Josh Messier’s team at Hunt Mortgage Group made the process easy,” noted Bechard. “We look forward to closing more deals and expanding our footprint with Hunt Mortgage Group.”
650 Howard LP, the owner of the Store Avenue assets, owns properties in 14 states in both the parking and residential income sectors.
Store Avenue Apartments is located within the Naugatuck/Waterbury submarket. The neighborhood is situated in northwest New Haven County and is bound on the north by Lakewood and Sharon Roads, on the south by Interstate Route 84, on the East by Cheshire and Wolcott town lines, and on the west by North Elm Street. The property is well located with good access to local businesses as well as commercial support.