Hunt Mortgage Group Refinances a Multifamily Property Located in Boston, Massachusetts
— Total funding equals $3 million —
New York, NY — December 18, 2015 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $3 million Freddie Mac Small Balance loan to refinance a multifamily property in Boston.
The property, Chelsea Street Apartments, is a 12-unit property located in East Boston. The transaction is for a 10-year fixed rate loan amortizing over 30-years, after three years of interest only, with a step-down prepayment schedule.
The Borrower is Chelsea Development Partners I, LLC, a Massachusetts limited liability company, backed by key principals Paul D. Marks and Richard T. Garaffo.
“Paul and Richard are new Freddie Mac and Hunt Mortgage Group customers,” explained Hayley Suminski, Vice President at Hunt Mortgage Group. “Together they have thirty years of experience in developing, owning and managing multi-family real estate.”
Chelsea Street Apartments is comprised of three, four-story apartment buildings that were purchased by the current owners in 2012-2013. In October 2011, two of the buildings collapsed during renovations by the previous owner, and the final building was demolished. The borrower rebuilt the buildings with construction completed in late 2013. The Class A property is currently self-managed by the property owners.
“Since the property’s construction in 2013, the borrower has made cosmetic improvements and the property is currently 100% occupied,” added Suminski. “The property is performing well, rent growth has been steady and is projected to continue far into 2016. Located within walking distance to the nearby MBTA stop, residents may commute to the Financial District easily. We were pleased to partner with these experienced local investors on a deal in the heart of Boston.”
Chelsea Street Apartments are in the submarket known as Boston City, located approximately three miles northeast of Boston’s central business district. The neighborhood is best characterized as a mixture of residential and industrial development with gentrification taking place and most residents working in the City of Boston, or in the surrounding community.
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.