Hunt Mortgage Group Finances the Acquisition of an Affordable Multifamily Property Located in Winston-Salem, North Carolina
— Total funding equals $15.9 million —
New York, NY — June 20, 2018 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae conventional mortgage in the amount of $15.9 million to finance the acquisition of an affordable multifamily property located in Winston-Salem, North Carolina.
The Fields Parkside is a 433-unit, garden style apartment complex located at 5010 Split Rail Circle. The property was built in two phases in 1984 and 1990. The property is located five miles from downtown Winston-Salem and is comprised of 23 three-story apartment buildings.
The borrower is Interurban Emerald Bay, LLP, backed by key principal William Doogan. The property was acquired from Elite Street Capital. The Fields Parkside is 100% affordable to 80% of the median income and 19.4% affordable to the 60% level.
“The Fields Parkside has been well maintained by the previous owner, and was performing well but the seller did not have any other properties in Winston-Salem so they decided to put this one on the market,” commented Bryan Cullen, Managing Director at Hunt Mortgage Group.
“We executed a rate lock under the newly enhanced Streamlined Early Rate Lock (SERL) Program before receiving any third party reports or much of the required documentation,” added Cullen. “We also locked with Green pricing which was conditional upon receipt of a report, and the agreement to complete, utility conservation upgrades that would lower the utility expenses by 25%.”
The upgrades in this case are solely focused on water conservation but often will include LED lighting installation.
Over the past five years the property received approximately $1.5 million in renovations including new siding, paint, double-paned windows and a remodeled clubhouse. In addition, 180 units have been renovated upon tenant turnover and the new owner plans to continue renovations as units are re-tenanted.
Property amenities include two community pools, a tennis court, and combination leasing office/clubhouse. The property also offers 689 open parking spaces.
Mr. Doogan has been investing in multifamily for over 30 years and owns seven properties in North Carolina. Mr. Doogan noted, “I have worked with Hunt (and legacy companies) for over 19 years. This was my first early rate lock on an acquisition under the DUS Program and my first Green deal and everything went incredibly smooth.”
The Fields Parkside is located in the Stonewall/Salemtown submarket north of downtown, three miles north of Wake-Forest University, in a primarily single family residential neighborhood.
About Hunt Mortgage Group
Hunt Mortgage Group, a subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $27 billion of loans and today maintains a servicing portfolio of more than $14.8 billion. Headquartered in New York City, Hunt Mortgage Group has 229 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.