Hunt Mortgage Group Provides Loans for Four Multifamily Properties in Florida
— Total funding equals $8.9 million —
New York, NY — December 2, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided loans for four multifamily properties located in Florida.
The properties include:
- Morningside Bay Apartments. Hunt Mortgage Group provided a $1.3 million Fannie Mae loan to refinance Morningside Bay Apartments. Located at 5995 Biscayne Boulevard in Miami, Morningside Bay Apartments is a 24-unit multifamily property that was built in 1974 and has nine section 8 (voucher) tenants. The proceeds from the loan will be used to pay off the first lien with the remaining balance to be paid to the borrower. The loan term is 10-years with 9.5-years yield maintenance, and a 30-year amortization schedule. The borrower is Morningside Bay Apartments, LLC, backed by key principal, Lakhi Mohnani, a seasoned commercial real estate investor with more than 34 years of multifamily ownership and management experience. The property is comprised of one, seven-story building and the unit mix includes six one-bedroom, one-bathroom apartments; six two-bedroom, one-bathroom units; and twelve two-bedroom, one-bathroom apartments. In addition, the property is currently 100% occupied and has maintained an average of 99% occupancy over the past 12 months.
- Villas at Pembroke Pines. Located at 6601 and 6661 SW 18th Street in Tampa, Florida, Villas at Pembroke Pines is 40-unit multifamily property. Hunt Mortgage Group provided a Freddie Mac loan of $2.6 million to facilitate the acquisition. The transaction is a 5+15 Hybrid ARM deal with a 30-year amortization and step-down prepayment schedule. There will be one-year of interest only, after which the loan will amortize on a 30-year basis. The borrowers are Boris Ovrutsky and his wife Irina Faynleyb who have been in the real estate industry for more than 27 years. Together they have extensive real estate holdings including: multifamily, office, industrial, and single family properties throughout Florida and Pennsylvania. Villas of Pembroke Pines is a garden-style apartment complex built in 1973 and situated on a 1.13-acre parcel of land. The property consists of two residential buildings.
- Parkview Apartments. Hunt Mortgage Group provided a $3.7 million Freddie Mac loan to finance the acquisition of Parkview Apartments, a 100-unit multifamily property located in Tampa, Florida. The transaction is a 7-year fixed rate deal with 30-year amortization and step-down prepayment schedule. The borrower is Parkview Tampa, LLC, a Florida limited liability company backed by Polly Laura Welliver and Robert Welliver. Parkview Apartments consists of 10 residential buildings that were originally built in 1969. The unit mix consists of 24 one-bedroom, one-bathroom units; 56 two-bedroom, one-and-a-half bathroom apartments; and 20 three-bedroom, two-bathroom units. The property is situated on 5.23 acres of land and has a net rentable area of 104,400 square feet.
- Country Club 25 Apartments. Country Club 25 Apartments is a 13-unit multifamily property located in Coral Springs, Florida. Hunt Mortgage Group provided a $1.4 million Freddie Mac loan to fund the acquisition of the property by Symphony Builders at Country Club 25, LLC, a Florida limited liability company backed by Lewis Moscovitch. The transaction is a Hybrid ARM 5+15 with 30-year amortization and step-down prepayment schedule. The loan will amortize on a 30-year basis. Constructed in 1985, Country Club 25 Apartments consists of two buildings situated on 0.80 acres of land. The property is surrounded primarily by multi-family and commercial uses and is in close proximity to retail stores. The property features six two-bedroom units and seven three-bedroom units.
“All four of these properties are in good condition, backed by seasoned sponsors, and are located in cities that are performing very well,” commented Bill Papagno, Director at Hunt Mortgage Group. “We were pleased to close on these three and build our growing Florida Small Balance portfolio.”
Hunt Mortgage Group opened its Fort Lauderdale office and hired Papagno to lead the local effort in May 2015. “This was done in direct response to strong market dynamics,” commented Rick Warren, Senior Managing Director at Hunt Mortgage Group. “We knew a local presence would enable us to better serve the unique needs of developers and owners in the Southeast. Bill is making great progress in growing our local footprint in the region.”
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a market leader focused on financing commercial real estate throughout the United States. The Company finances all types of multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities nationwide. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own proprietary loan products. The Company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 147 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.