Hunt Mortgage Group Finances an Eight Multifamily Property Portfolio in Texas
— Total funding equals $118.4 million —
New York, NY — January 25, 2015 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has financed an eight loan acquisition portfolio with Freddie Mac. The total transaction is worth $118.6 million and all of the properties are located in the Dallas/Fort Worth and Houston Metropolitan Statistical Areas.
The borrower is a Delaware limited liability company and the loans are all floating rate, seven-year loans amortizing over 30 years, with three-years of interest only. The properties include:
- Village Green. Village Green is located in Euless, Texas, within the Dallas/Fort Worth MSA. The property consists of 15 one- and two-story apartment buildings and a leasing office and a total of 277 garden-style apartments. The buildings were constructed in 1984 on 12.162 acres of land. Hunt Mortgage Group provided am $18.8 million loan for the acquisition of Village Green. Property amenities include two pools and a dog park.
- Fireside at Eastchase. Hunt Mortgage Group placed an $11 million loan to facilitate the acquisition of Fireside at Eastchase. Located in Fort Worth, Fireside at Eastchase Apartments is improved with 16 two-story apartment buildings, and a one-story clubhouse/leasing office building that includes a business center, fitness center, fireplace lounge and an adjacent outdoor swimming pool. Built in 1999, the property is a 104-unit garden-style apartment complex situated on 11.1638 acres of land.
- Hastings Place. Located in Houston, Hastings Place is comprised of ten, two- and three-story apartment buildings, and a one-story clubhouse building and laundry facility. Outdoor amenities include two swimming pools, picnic and BBQ areas, a playground and fully gated community. Hunt Mortgage Group provided an $11.2 million loan for the acquisition of Hastings Place. Built in 1983, the property has 176 garden-style units and is situated on 5.6614 acres of land.
- Idlewyld Village. Hunt Mortgage Group provided a $17.4 million loan for the acquisition of Idlewyld Village. Located in Dallas, the property is improved with 14, two- and three-story apartment buildings, and a one-story clubhouse/leasing office building that includes a business center, fitness center and conference room and is adjacent to the outdoor swimming pool. Built in 1984, the Idlewyld is a 228-unit garden-style apartment complex situated on 9.147 acres of land.
- Stirling Court. Stirling Court is a 228-unit garden-style apartment complex situated on 7.0963 acres of land. Located in Houston, the property is comprised of 15 two-story apartment buildings, and a one-story clubhouse/leasing office building. Outdoor amenities also include a swimming pool, picnic and BBQ areas and fully gated community. Stirling Court was built in 1983 on 7.0963 acres of land. Hunt Mortgage Group provided $11.8 million for the acquisition of this property.
- Park Place Townhomes. Located in Euless, Texas, Park Place Townhomes is improved with 14 two-story apartment buildings. The property consists of 97 multifamily town homes on 9.846 acres of land. Park Place was built in 1980 and Hunt Mortgage Group placed a $9.9 million loan for the acquisition of the property.
- Ashford Park. Hunt Mortgage Group provided an $11.8 million loan to facilitate the acquisition of Ashford Park. Located in Arlington, Ashford Park was constructed in 1984 and is comprised of 144 multifamily rental units. The community encompasses two non-contiguous parcels totaling 10.699 acres. Phase I consists of 70 units housed in 14 residential buildings along with a single story stand along leasing/management office building, and Phase II has 74 units housed in 13 residential buildings. Property amenities include a swimming pool with a BBQ grilling station and spa/hot tub.
- Trinity Apartments. Trinity Apartments is located in Irving, and Hunt Mortgage Group provided a $26.5 million loan to facilitate the acquisition. The property was constructed in 1984 and is comprised of 496 multifamily rental units configured on a single irregular shaped 20.058 acre parcel of land. Property amenities include a clubhouse with leasing/management offices, lounge sitting area, fitness center and internet café/business center two swimming pools, a playground area and two laundry centers.
“Our client is a seasoned industry investor with extensive knowledge of the local market in Texas,” commented John Beam, Managing Director of Hunt Mortgage Group. “We were pleased to facilitate the acquisition of these eight properties for this solid investor.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned 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, hospitality, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products including balance sheet, conduit and floating rate CLO financing. Since inception, the Company has structured more than $20 billion of loans and today maintains a servicing portfolio of more than $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 153 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.