Hunt Mortgage Group Refinances a Multifamily Property Located in Dallas, Texas
— Total funding equals $5 million —
New York, NY — April 11, 2016 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $5 million Fannie Mae loan to refinance a multifamily property located in Dallas, Texas.
Casa Place Apartments was acquired by the borrower, St. James Redevelopment, Ltd., a Texas Limited Partnership, in October of 2004. Over the past two years, St. James has invested significant funding to extensively renovate the property.
The loan terms include a 10-year term, 25-year amortization period, and a 9.5 year yield maintenance period.
Casa Place Apartments is a 194-unit development located on the northwestern corner of the intersection of Webb Chapel Road and Chapel Creek Drive in a residential area of Dallas. The property consists of 17 two-story apartment buildings that totals approximately 164,177 square feet of net rentable space.
“The borrower is a repeat Hunt Mortgage Group and Fannie Mae customer,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “Casa Place is performing well and in excellent condition due to the recently completely renovation. We were pleased to refinance this quality property for such a strong repeat sponsor.”
In addition to the apartment buildings, the property also includes a one-story leasing office and two, one-story laundry/boiler equipment buildings. Casa Place offers ten floor plans, including studio, one-bedroom, two-bedroom and three-bedroom apartment options. Parking is furnished on-site via 285 surface spaces.
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 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 158 employees located in 17 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.