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Posted: June 6, 2017
News Outside the Region: Hunt Mortgage Group handles two multifamily refinancings–$10.3 million
Glendale, AZ According to Hunt Mortgage Group, it provided two Fannie Mae small balance loan facilities to refinance two multifamily properties for the same sponsor. The total Hunt Mortgage Group investment was $10.3 million. The properties include:
• Urban 55 Apartment Homes is located at 5038 North 55th Ave., and is a garden-style apartment property comprised of 12 residential buildings and a leasing office with a total of 209 units. The property was built in 1984 and is currently 99% occupied. Hunt invested $6 million to refinance this property. The new loan will have an initial three-years of interest only payments, followed by a 30-year amortization schedule and will be used to pay off the existing loan on the property with cash-out proceeds being used to continue remodeling.
• $10.3 million to refinance Urban Edge Apartment Homes, a garden-style multifamily property comprised of five residential buildings and a pool equipment room with a total of 124 units. The property is located at 4038 & 4116 East McDowell Rd. in Phoenix, Az., was built in 1979, and is 99% occupied. The new loan will also pay off the existing loan and be used to continue remodeling the property. The loan has a fixed rate for the initial ten years of the loan, followed by 10 years of floating rate payments. The loan will have an initial three years of interest-only payments, followed by a 30-year amortization schedule.
“The borrower is a repeat Hunt Mortgage Group and Freddie Mac client, and together we refinanced Arbor Creek Apartments in mid-2016,” said Owen Breheny, director at Hunt Mortgage Group and part of the firm’s dedicated small balance loan team. “These properties are perfect for a refinance under the Freddie Mac small balance loan program. The properties are in good condition and are backed by a quality, experienced sponsor. We were pleased to deliver on these loans to provide much needed quality affordable housing in the local market.”
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