Outside the Region: Hunt Mortgage Group refinances two Seattle multifamily properties

Seattle, WA Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided Freddie Mac Small Balance Loans to refinance two multifamily properties located in Seattle, Washington. The loans total $9.44 million and were provided to the same sponsor.

Both transactions are a 5/1 Hybrid ARM, a 20-year ARM loan with the first five-years fixed with one-year interest only and a 30-year amortization. The borrower is Harvest Investors, LLC, backed by Key Principals Patrick Cahill and Shaun Bishop, each with a 50% ownership interest through their respective companies in these properties.

The properties include:

• Boston Crest Apartments. Hunt Mortgage Group provided a $4.9 million loan to refinance Boston Crest Apartments, a 24-unit residential property that consists of two, three-story buildings located at 215 and 219 Boston St. The borrower purchased Boston Crest in June 2015 and since acquisition spent approximately $1.69 million on an extensive property renovation.

• 524 5th Ave. West Apartments (formerly Whitley Manor Apartments). 524 5th Ave. West Apartments is a 17-unit residential property that is comprised of one mid-rise five-story building located at 524 5th Ave. Hunt Mortgage Group provided a $4.54 million loan to refinance Whitley Manor Apartments. All units at the property have recently been extensively renovated with almost $1.1 million in renovation costs.

“The borrowers are experienced local real estate investors with a strong record for success,” said Jeffrey Ballaine, vice president at Hunt Mortgage Group. “The properties are both in wonderful condition, both having been recently renovated, and they are both located in the Queen Anne Hill neighborhood, a desirable location that is currently considered one of the strongest residential neighborhoods in the city of Seattle.”

Demand for apartments remains high in the Queen Anne neighborhood among young tech executives due to the close proximity of employment centers in South Lake Union and downtown. 

The deals were brought to Hunt Mortgage Group by correspondent mortgage bankers DSC Capital.

“We were pleased to fund these loans for a quality local multifamily investor and hope to partner with than again in the near future,” said Ballaine.