Hunt Mortgage Group Refinances a Multifamily Property Located in Hampton, Virginia
— Total funding equals $14.5 million —
New York, NY — December 10, 2015 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $14.5 million Fannie Mae loan to refinance New Hampton Commons Apartments, a multifamily property located in Florence, Kentucky.
Located at 1482 West Queen Street, New Hampton Commons Apartments is comprised of 15 buildings, containing a total of 252 units. The complex has eight apartment buildings and seven townhouse buildings. Developed in 1973, the buildings offer 205,280 square feet of rentable space.
There are several co-borrowers involved in this tenant-in-common transaction. The co-borrowers are Klein Levittown, LLC, a Pennsylvania limited liability company, Avalon Court Associates, LP, a Pennsylvania limited partnership, New Hampton Commons VA, LLC, a Virginia limited liability company, and Walnut Crossing Associates, LP, a Pennsylvania limited partnership. This transaction is structured with a 10-year term with a 9.5-year yield maintenance period and 30-year amortization with one year of interest only.
“The key principals involved in this deal are seasoned commercial real estate investors and repeat Hunt Mortgage Group clients with six current loans,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “New Hampton Commons Apartments is in good condition. It is also located in a strong submarket with a vacancy rate that is surpassing the overall market -- a strong indicator for the future success of the property.”
The property is located in the Aberdeen neighborhood of the Hampton Roads submarket, 1.8 miles from the Hampton Roads Convention Center, 2.5 miles from Downtown Hampton, 3.5 miles from Hampton University, and 11.7 miles from the Newport News/Williamsburg International Airport.
“The surrounding area is primarily residential, but the property is located near grocery stores, restaurants, public and private schools, and main arterial highways,” added Cox. “We were pleased to close on this loan for a solid repeat customer.”
New Hampton Commons Apartments offer four distinct floor plans, including one-bedroom, one-bathroom apartments; two-bedroom, one-and-a-half bathroom units; and three-bedroom, three-bathroom units. In addition to the 15 residential buildings, the property has a clubhouse/pool house building and maintenance building. Other amenities include a pool and playground.
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.