Hunt Mortgage Group Provides a Bridge Loan to Refinance A Mixed Income Multifamily Property Located in Fort Worth, Texas
— Total funding equals $15 million —
New York, NY — July 25, 2016 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $14.75 million first mortgage bridge loan to refinance an mixed income multifamily property located in Fort Worth, Texas.
The loan is structured as a 12-month floating rate loan with two options to extend the term for a period of six 6 months each. The borrower is Atlantic Housing Foundation, Inc., (AHF) a 501(c)(3) nonprofit organization headquartered in Dallas, Texas, that was organized in South Carolina in November 1999.
“AHF is a terrific organization that was created to support, acquire, construct, rehabilitate, and operate qualified affordable housing for low-income families,” explained Paul Weissman, Senior Managing Director and head of the Affordable Lending platform at Hunt Mortgage Group. “The firm also acquires, constructs, and operates student housing - offering scholarships for qualified students residing at its properties to help residents find their way out of subsidized housing through educational opportunities.”
Silver Leaf Villas is a 176-unit mixed income garden-style apartment complex located at 8515 John T. White road. The property is comprised of four, three-story residential buildings, six two-story residential buildings, a one-story maintenance shop, and a one-story leasing office/clubhouse situated on 7.8 acres of land. The property also has 327 parking spaces, including 36 detached garages and 136 covered parking spaces.
The property is located approximately 10 miles east of the Fort Worth central business district. Silver Leaf Villas was developed in 2000 and acquired by the borrower in December, 2003.
“AHF is managed by a board of trustees, which is made up of nine board members who were asked to serve because of their skills and experience in real estate, law, business, and community service activities,” added Weissman. “Several of the members are real estate professionals with more than 100 years of combined experience. We were honored to partner with this quality organization to provide much needed affordable housing in the Fort Worth market.”
Michael N. Nguyen, President and CEO of Atlantic Housing Foundation, stated, “The Hunt Mortgage team was very professional and well-organized. We were able to close the loan within 60 days of entering into a term sheet. Atlantic Housing is very excited to be able to continue to serve our residents and be a part of the East Fort Worth community.”
Property amenities include a swimming pool, fitness center, laundry facility, picnic areas, dog park and a business center.
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. Since inception, the Company has structured more than $20 billion of loans and today maintains a servicing portfolio of more than $11.6 billion. Headquartered in New York City, Hunt Mortgage Group has 169 employees located in 18 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.