– Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided FHA loans to refinance two LIHTC affordable multifamily properties located in Michigan.
The total Hunt Mortgage Group investment is $9.5 million. The properties include:
· Village of Joseph’s Run Apartments. Village of Joseph’s Run Apartments consists of 128 LIHTC affordable multifamily units located at 700 Joseph Drive in Midland, Michigan. The total Hunt Mortgage Group investment in this property is $7.4 million and the loan term is 35-years.
The property is situated on a 12.49 acre parcel of land and was constructed in 2003. Village of Joseph’s Run consists of 11 garden-style walk-up two-story buildings and a single story community/clubhouse building. The property has 64 two-bedroom, two-bathroom units and 64 three-bedroom, two-bathroom apartments. Property amenities include a central laundry facility, community room area with kitchen, exercise room, swimming pool, basketball court, playground and BBQ/picnic areas.
· Roxbury Court Apartments. Located at 292 Smith Street in Clio, Michigan, Roxbury Court Apartments consists of 90 age 55+ restricted and LIHTC affordable multifamily units housed in one, three-story mid-rise building. Hunt Mortgage Group invested a total of $2.1 million to refinance this property and the loan term is 35-years.
Roxbury Court Apartments was built in 2002 and is situated on 5.93 acre parcel of land. All of the apartments have one-bedroom and one-bathroom and five units are designated as handicap accessible dwelling units. Property amenities include on-site leasing and management office, community room with kitchen area, library/computer and puzzle rooms, exercise center, and hair salon.
Both properties have operated under the LIHTC since they were originally developed with an allocation of 9% federal tax credits.
“The borrower recently came to terms for a buy-out of the tax credit investor and is now in a position to recapitalize both of these assets for the long term investment horizon with FHA insured financing,” explained Gabe Seghi, Vice President at Hunt Mortgage Group. “Both properties are in located in stable rental markets with no new competitive affordable multifamily projects in the development pipeline. They both also offer solid amenity packages and have good curb appeal. We were pleased to provide the financing to secure these properties.”