Hunt Mortgage Group Provides Refinances a Multifamily Property Located in San Jose, California
— Total funding equals $8.3 million —
New York, NY — April 16, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today it provided an $8.3 million Freddie Mac loan facility to refinance a multifamily property in San Jose, California.
The property, known as 1776 Apartments, is a class B asset in good condition that offers a good unit mix and a competitive amenity package. The borrower is Chantel Company, L.P., a California limited partnership backed by the Morris family.
“The Morris family has been a Hunt and Fannie Mae client since 1998. They have been consistently successful at managing the properties in their portfolio over the course of our relationship,” noted Richard Olrich, Managing Director at Hunt Mortgage Group. “Hunt currently has two loans with the Morris family with a total exposure of $25 million.”
Comprised of 19 buildings, 1776 Apartments was built in 1990 and has a total of 144 units over 5.81 acres. Project amenities include a gated entrance, swimming pool and spa, sun deck, and high speed internet. The property also has 249 off-street parking spaces including 144 single-car enclosed garages with 105 open spaces.
The unit mix at 1776 Apartments includes a solid concentration of studios (16%) and one-bedroom units (52%); however the 1-bedroom units are fairly large averaging 718 square feet. The property also has two-bedroom, two-bathroom units (48%) that are also large averaging 960 square feet. The two-bedroom floor plans include 16 townhomes with private entrances and a patio.
The property is situated in the southeast sector of San Jose, the largest city in Northern California and third largest in the State.
“The apartments at 1776 Apartments are ideal for working professionals and families looking for a central location in a suburban setting,” added Olrich. “San Jose has a high concentration of high-tech, engineering, computer and microprocessor companies attracting young professionals. The city promotes a creative, dynamic and diverse environment.”
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is nationwide specialty finance company focused on commercial real estate. 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 14 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.