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Brokerage
Posted: June 7, 2016
Hunt Mortgage Group provides $19.2 million loan for 288-unit property
Mountain Brook Apartments, 134-154 Innis Avenue - Poughkeepsie, NYPoughkeepsie, NY Hunt Mortgage Group has provided a $19.2 million Fannie Mae loan to finance the acquisition of a multifamily property.
Located at 134-154 Innis Ave., Mountain Brook Apartments is comprised of 17, two-story apartment buildings containing a total of 288 units. The buildings were developed in 1965 with 242,144 s/f of rentable space and is situated on 18.5 acres.
The borrower is Mountain Brook Realty Holdings LLC, a NY limited liability company. The transaction was structured for a 7/6 ARM term with lockout for one-year and 1% yield maintenance. Following that period it carries a 30-year amortization after one-year of interest only.
“The borrower is local investor well versed in owning and managing commercial real estate and multifamily properties,” said Steven Cox, managing director at Hunt Mortgage Group. “He also has interests in Brooklyn, Buffalo and Ferndale.”
Mountain Brook Apartments offers one-bedroom, one-bathroom; two-bedroom, one-bathroom, and three-bedroom, two-bathroom apartment units. Parking is available on-site via 347 open parking spaces.
“Mountain Brook Apartments is in good condition and is currently 92% occupied,” said Cox. “Poughkeepsie has a strong need for multifamily housing. We were pleased to work with this borrower and deliver to him exactly the kind of financing he needed.”
The property has a number of amenities including: a fitness center, clubroom, outdoor pool, and a playground.
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