Hunt Mortgage Group Refinances Three Multifamily Properties in Seattle, Washington for the Same Sponsor
— Total funding equals $6 million—
New York, NY — September 7, 2016 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided three Freddie Mac small balance loans totaling $6 million to refinance three properties in Seattle, Washington. The properties include:
- Travis Apartments. Hunt Mortgage Partners provided a $1.24 million loan to refinance Travis Apartments, a six-unit multifamily walk-up property located at 325 17th Avenue East. The property is comprised of a single, three-story residential building constructed in 1926 and situated on a 0.17-acre parcel of land.
- Alta Casa Apartments. Alta Casa Apartments is a 15-unit multifamily walk-up building located at 1645 10th Avenue East. The property consists of a single, three-story residential building constructed in 1923 and situated on a 0.15-acre parcel of land. Hunt Mortgage Group provided a $2.69 million loan to refinance Alta Casa Apartments.
- Castlereach Apartments. Hunt Mortgage Partners provided a $1.97 million loan to refinance Castlereach Apartments, a single, two-story mixed-use apartment building containing seven residential units, and three commercial units. The property was constructed in 1926 and is situated on a 0.14-acre parcel.
The borrowers on these properties are brothers Ted and Thomas Lee. The transactions are all 5 + 1 Hybrid ARMs amortized over 30 years.
"The Lee brothers are both new clients for Hunt Mortgage Group and Freddie Mac,” noted Jeffrey J. Ballaine, Vice President at Hunt Mortgage Group. “But they are both seasoned local commercial real estate and multifamily investors.”
These deals were brought to Hunt Mortgage Group by Robert Regan, owner of Catalyst Commercial Partners who also serves as professional manager of all three buildings.
Both Alta Casa and Travis Apartments are in the Capitol Hill submarket, approximately three miles east of the Seattle central business district. Castlereach is located in Seattle.
“These properties are in desirable neighborhoods, near a wide variety of commercial uses and transportation services,” added Ballaine. “Local vacancy rates have been consistently strong over the previous five years. We were pleased to deliver these loans to solid local sponsors.”
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. Since inception, the Company has structured more than $20 billion of loans and today maintains a servicing portfolio of more than $11.6 billion. Headquartered in New York City, Hunt Mortgage Group has 169 employees located in 18 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.