Hunt Mortgage Group Refinances a Multifamily Property Located in Rochester, New York
— Total funding equals $2 million —
New York, NY — March 9, 2015— Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $2.0 million Fannie Mae loan facility to refinance 150 Park Avenue and Mount Hope Manor Apartments.
The properties are located at 150 Park Avenue and 1150 Mt. Hope Avenue in Rochester, New York, and include a total of 52 units (150 Park Avenue has 22 apartments and Mount Hope Manor has 30 units). Mount Hope Manor was built in 1960 and 150 Park in 1950.
The proceeds of the new loan will be used to pay off the existing mortgage and the properties are covered by one blanket mortgage. The borrower is Lubin Realty V, L.L.C., backed by Key Principal Shafigheh Lubin. The loan term is 10-years with 9.5-years yield maintenance, and a 30-year amortization schedule.
“The borrower has more than 12 years of multifamily ownership experience and currently owns five multifamily properties with a total of 113 units in the local market,” commented Owen Breheny, Senior Vice President Mortgage Banking at Hunt Mortgage Group. “She owned the properties since 1999 and has invested over $28,000 to renovate Mount Hope Manor and 150 Park over the past three years.”
“In addition, the properties are currently 100% occupied and have maintained an average of 99% occupancy over the past 12 months,” added Breheny. “They are in good condition and are located in a mostly residential neighborhood with good visibility.”
“This refinance is another prime example of Hunt’s ability to pair a quality sponsor and their long-term assets with nonrecourse loan terms, an attractive interest rate and significant return of equity,” noted Zach Casale with Largo Real Estate Advisors, Inc., who brokered on the deal. “It is always a pleasure working with Hunt Mortgage Group and we look forward to working with Owen and his team in the near future.”
Mount Hope Manor is a, three-story apartment building with a unit mix of 7 studio apartments, 20 one-bedroom, one-bathroom apartments, and 3 two-bedroom, one-bathroom units, for a total rentable area of approximately 17,570 square feet. Also a three-story apartment building, 150 Park Avenue’s unit mix is 8 alcove-studios, 2 studio apartments, and 12 one-bedroom, one-bathroom units, for a total rentable area of approximately 10,004 square feet.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is nationwide specialty finance company focused on commercial real estate. 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 14 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.