Hunt Mortgage Group Finances Three Freddie Mac Small Loan Deals in Texas
— Total funding equals $5.2 million —
New York, NY — April 23, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has closed three loans under the new Freddie Mac Small Balance loan Program. All three properties are located in Texas, and the total investment was $5.3 million.
Under the new program launched last October, Hunt Mortgage Group provides small loans between $1-5 million to borrowers nationwide. Hunt is one of a select few lenders chosen by Freddie Mac to offer the Agency’s new Small Business Lending product.
The deals include:
- Parkway East Townhomes. Hunt provided a $2.96 million loan facility to enable the acquisition of Parkway East Townhomes, a 70-unit property located in Arlington, Texas. Loan terms include one year of interest only, after which the loan will amortize on a 30-year basis.The property is comprised of 18, one- and two-story buildings situated on 5.176 acres of land. The property is surrounded primarily by single-family and commercial/retail uses and in close proximity to excellent entertainment and recreational facilities. Parkway East features a mix of large two and three bedroom unit types and property amenities include an in-ground swimming pool and playground. The borrower is PWA Partners LLC, a Texas limited company, backed by Igor Berdich, Michael Troflianin and Ilya Stomakhin.
- Sierra Ridge Apartments. Sierra Ridge is a 32-unit multifamily property located in Odessa, Texas. Hunt provided a loan in the amount of $1.1 million to refinance the property. The loan carries a 20-year term with P&I payments amortized over 30 years. The borrower is Sierra Ridge, LLC, a Texas limited liability company, backed by Graciela Ybarra and Vinod Chopra. Sierra Ridge is comprised of five, two-story apartment buildings with a detached laundry room building situated on 1.2052 acres of land. The property was purchased by the current owner in 2012, and at the time of purchase, was considered to be in poor condition with un-stabilized occupancy. Since 2012, the borrower has spent approximately $210,000 in capital improvements including interior unit upgrades, roof replacement, and plumbing repairs, as well as interior improvements to stabilize the property.
- Ponderosa Villas. Hunt Mortgage Group provided a $1.175 million loan facility to refinance Ponderosa Villas, a 45-unit property located in Odessa, Texas. The loan carries a 20-year term with P&I payments amortized over 30 years. The property consists of seven, two-story apartment buildings with a detached single-story residential home situated on 0.613 acres of land. The property was purchased by the current owner in 2012 and the borrower invested more than $240,000 in capital improvements since 2012 including interior unit upgrades, stairwell and stair tread replacement, roof replacement for two buildings, and siding replacement for approximately 50% of the site. This was done to stabilize the property and improve its overall condition. The borrower is Ponderosa Villas, LLC, a Texas limited liability company, also backed by Graciela Ybarra and Vinod Chopra.
“The borrowing entity on all three loans are new sponsors for Freddie Mac; however they are all repeat GSE clients,” noted Charlie Cole, Regional Director for the Small Loan Group at Hunt Mortgage Group. “They are all successful owner-operators that have consistently and successfully performed in managing the properties in their portfolio.”
“Hunt is known as a national leader in structuring loans using Freddie Mac products and was honored to be selected by Freddie Mac to deliver these small balance loans. We are pleased to add to our portfolio of small balance loans and help secure quality housing for the citizens of Arlington and Odessa, Texas,” concluded Cole.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.