News:
Brokerage
Posted: July 18, 2017
Outside the Region: Hunt Mortgage Group provides $23.5 million construction financing
Ennis, TX Hunt Mortgage Group provided a $23.5 million FHA mortgage loan to finance the development of a new multifamily property.
Proceeds from the loan will be used to build Spyglass Apartments, a new property that will be built on a 12.9-acre site. The property will have 192-units housed in nine, three-story wood frame walk-up buildings. In addition, the property will feature a clubhouse with a leasing office, kitchen, wi-fi café, resort style swimming pool, fitness center, BBQ grilling area and jogging trail. The property will also be furnished on-site via 364 spaces, including 14 handicap spaces.
The borrower is Spyglass Apartments of Ennis, LP, a Texas limited partnership, backed by key principal John Altman.*
“Spyglass Apartments is a new construction project designed to provide market rate housing for local working professionals and families,” said Jeff Jones, senior vice president at Hunt. “The borrower will utilize green and energy efficient measures to reduce operating costs and limit the overall impact of the property to the environment. Once built, the property will have National Green Building Standards Certification.”
“The borrower is an experienced commercial real estate executive who has been developing real estate for more than 30 years. He has extensive real estate experience that includes construction and structured financings, development, rehabilitation, ownership and management experience with multifamily properties,” said Jones. “We were pleased to partner with John, a quality local investor to bring new housing to the local area.”
The property will consist of 72 one-bedroom, one-bathroom apartments and 120 two-bedroom, two-bathroom units.
Tags:
Brokerage
MORE FROM Brokerage
Elecor Properties executes 150,000 s/f of leases at One Market Plaza
San Francisco, CA Elecor Properties has secured four leases comprising 149,914 s/f at One Market Plaza since the beginning of the year, underscoring strong demand for premier office
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
.gif)