Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced that it provided a Fannie Mae conventional multifamily loan in the amount of $26 million to refinance a multifamily property located in Lansing, Illinois.
Located at 3649 173rd Court, Riverwood Apartments is a 354-unit, garden style low-rise apartment complex comprised of ten, 2-4-story apartment buildings. The property was built in 1964 and is situated on 15.92 acres of land.
The borrower is Riverwood Apartments LLC, backed by key principal Nick Kozul. The new loan will pay off the existing debt and to facilitate a buy-out the remaining partners. The loan has a 15-year term with five-years of interest-only followed by a 30-year amortization period and a 14.5-year yield maintenance period.
“Nick is a seasoned commercial real estate executive that has been involved in the multifamily industry for over 25 years,” said Owen Breheny, Managing Director at Hunt Mortgage Group. “He learned the business through his family, who owned and operated multifamily properties for many years. He played a big role in assisting with his family’s growing apartment business as well as working for private real estate companies.”
Property amenities include a sport court, playground, common laundry, fitness center, swimming pool, on-site manager, elevators, clubhouse, and BBQ/picnic area. The property also offers 516 open parking spaces.
“Since acquiring the property in 2015, the borrower has spent approximately $630,000 in a variety of internal and external capital improvement,” added Breheny. “We were pleased to provide this financing for a solid local client in a quality market.”
Riverwood Apartments is located within the Chicago MSA, the third largest in the United States that is also considered one of the major financial centers in the country.