Hunt Mortgage Group provides two Fannie Mae loans: $7.5 million

Alberta Square Apartments, 386 Alberta Drive - Amherst, NY

Amherst, NY Hunt Mortgage Group provided two Fannie Mae loans to finance the acquisition of two multifamily properties. The loans were provided to the same sponsor and the properties were acquired concurrently. The total investment is $7.5 million. Loan terms include a 10-year including two-years of interest-only, followed by a 30-year amortization. The properties:

• Alberta Square Apartments: Hunt provided $2.5 million in acquisition financing. Located at 386 Alberta Dr., the property is on 2.3 acres and consists of three, two-story residential buildings, plus one garage building. Alberta Square has a total of 48 units and was built in 1965. All units have two-bedrooms and one-bath.

• Bowdoin Square Apartments: Hunt provided a $5 million loan to facilitate this acquisition. Located at 1260 North Forest Rd., the property is on 7.9 acres and is comprised of eight, two-story residential buildings, plus two garage buildings. Bowdoin Square houses 70 units, was built in 1968, and has four floor plans.

The deals were brokered to Hunt by Frank Giacobbe of Aurora Capital Advisors, LLC.

“The borrower is new to both Hunt Mortgage Group and Fannie Mae,” said Steven Cox, managing director at Hunt. “They are well-backed, seasoned commercial real estate investors.” Both properties are in Amherst, New York, a northern suburb of Buffalo and within the Buffalo-Niagara Falls Metropolitan Statistical Area (MSA). The MSA is comprised of Erie and Niagara counties and has a current population of approximately 1.1 million. The properties are located 16.7 miles north of the Buffalo and 10.2 miles northwest of the Buffalo-Niagara International Airport.

“Cox said, “The forecast for population and household growth in the area is expected to be positive over the next five to six years. We were pleased to deliver these loans to this quality sponsor.”