Hunt Mortgage Group Refinances a Multifamily Property Located in New Jersey
— Total funding equals $46 million —
New York, NY — February 3, 2014 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $46 million Freddie Mac loan facility to refinance a multifamily property located in Voorhees Township, New Jersey.
Village at Voorhees Apartments is an 856-unit, garden style apartment complex located at 10 Lucas Drive. Voorhees Township, New Jersey is located 16 miles southeast of the Philadelphia central business district.
The term of the loan is 10 years with a 30-year amortization schedule. The financing was structured utilizing both the Freddie Mac Index Lock program and the Freddie Mac 120-day ERL Program – two loan structures Hunt began offering earlier this year. The borrower is a New Jersey limited partnership.
“The borrowers have owned Village at Voorhees Apartments since 1998 and are experienced commercial real estate investors and repeat Freddie Mac clients,” commented Steven Cox, Managing Director at Hunt Mortgage Group. “They have successfully managed the property since purchase, handling the daily operations and performing basic maintenance work in-house.
“In addition, the borrower was able to take advantage of improved property performance to achieve an increase in loan proceeds to the maximum LTV of 70%,” added Cox. “At the same time, apartment demand in the Philadelphia area has been strong over the past year and is expected to remain that way for the foreseeable future. These factors made this an attractive deal for Hunt.”
Village at Voorhees Apartments is comprised of 40 two- and three-story buildings. Property amenities consist of two tennis courts, two swimming pools, two fitness centers, and a clubhouse with internet access.
The deal team at Hunt included Cox and Michael Powell, Originator.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but 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. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.