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.”
Sign up is quick, easy, & FREE.