Hunt Mortgage Group Refinances a Multifamily Property Located in Canton, Georgia
— Total funding equals $6.75 million —
New York, NY — December 26, 2014 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $6.75 million Freddie Mac CME seven-year variable rate loan to refinance a multifamily property located in Canton, Georgia.
Built in 2008 and located at 59 Anderson Avenue, Riverview Apartments is a 138 unit mid-rise style apartment complex. The property consists of 71 one-bedroom, 63 two-bedroom and four three-bedroom units, all located in a single four-story residential building.
The borrower, Wilkinson Properties Fund VIII, LLC, sponsored by Wilkinson Corporation, purchased Riverview Apartments in June 2011. Originally constructed as an age-restricted community, the property currently operates as a market-rate multifamily property.
“In 2011, Wilkinson invested approximately $350,000 in aesthetic improvements to Riverview Apartments,” said Hayley Suminski, Vice President of Mortgage Banking at Hunt Mortgage Group. “The property has been well-maintained since construction, and is located in Canton, approximately 40 miles northwest of Atlanta.”
Riverview is located within close proximity of shopping centers, restaurants, local schools and major highways. Property amenities include a fitness center, clubhouse area, controlled access, business center and BBQ grills.
“The key principal on the deal is Russell Wilkinson, a seasoned commercial real estate investor that has been involved in construction, rehabilitation and ownership of rental investment properties for more than 30 years,” added Suminski. “Riverview is also very well managed. These factors and the solid real estate fundamentals involved made this a solid deal for Hunt.”
“Hayley and the Hunt Mortgage Group team are true professionals who work hard to ensure that each step of the process is seamless for the borrower,” noted Wilkinson. “We hope to partner with them again in the near future.”
Hunt Mortgage Group provides financing for conventional multifamily properties and other commercial real estate throughout the United States. Hunt Mortgage Group is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider. It also is a proprietary lender for most other commercial real estate assets.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company historically focused on financing multifamily properties, but today 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. Hunt Mortgage Group maintains a servicing portfolio of over $10.4 billion and is headquartered in New York City. Hunt Mortgage Group is comprised of 129 employees in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.