Press Release brought to you by Hunt Real Estate Capital

Hunt Mortgage Group Refinances a Multifamily Property Located in Kalamazoo, Michigan

01/22/2018

— Total funding equals $13.6 million —

New York, NY — January 23, 2018 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a loan in the amount of $13.6 million to refinance a multifamily property located in Kalamazoo, Michigan. 

Lakeview Apartments is a garden style, two-story residential apartment complex with a total of 280 units.  The transaction is structured as a ten-year term with two-years of interest-only at a fixed rate amortizing over 30 years.  The borrower is PR Lakeview, LLC.

“The borrower acquired Lakeview Apartments in March 2011and the property was considered to be a value-add opportunity,” noted Marc Suarez Director, at Hunt Mortgage Group. “The apartment complex was built in 1967 and the borrower invested $2 million in 2011 to renovate the property.”

Property amenities include controlled access, a fitness center and health club discount, laundry facilities, on-site maintenance, package service, on-site property management, leasing office, clubhouse and surface parking.

“The borrower is a knowledgeable and experienced commercial real estate and multifamily investor,” added Suarez. “The property is performing well and is currently 93% occupied. We were pleased to partner with this experienced Florida-based sponsor to deliver on this loan.”

Lakeview Apartments is located in Kalamazoo, the county seat of Kalamazoo County, Michigan, which is located 120 miles west of Detroit.

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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, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.

Source

Hunt Real Estate Capital

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