Hunt Mortgage Group Refinances Two Multifamily Properties Located in Arizona
— Total funding equals $4.2 million —
New York, NY — February 16, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today it provided two Fannie Mae loan facilities to refinance two multifamily properties located in Arizona.
The loan term for both facilities is 10-years with a 30-year amortization schedule. The properties include:
- Pinchot Towers Apartments. Hunt Mortgage Group provided a $2.4 million loan facility to refinance Pinchot Towers Apartments, a multifamily complex located at 3211 E. Pinchot Avenue in Phoenix, Arizona. Built in 1972, and acquired by the Borrower in 2012, the property is currently 96 percent occupied.Pinchot Towers is a garden-style multifamily complex comprised of four, two- and three-story apartment buildings, one community building, and an enclosed cabana at the pool. The property houses a total of 104 units. Robert Hodge of Marcus & Millichap Capital Corporation brought the deal to Hunt.
- Valley Apartments. Hunt Mortgage Group also provided a $2 million loan facility to refinance Valley Apartments, a multifamily complex located at 2807 South 12th Avenue in Safford, Arizona. Built in 1974, and acquired by the Borrower in 2000, the property is currently 93 percent occupied. Valley Apartments is a garden-style multifamily complex comprised of seven, one-story apartment buildings totaling 56 units. Property amenities include a gazebo area with two barbeque grills.
“Both Pinchot Towers and Valley Apartments are in good condition and are well managed,” noted Darrell Clark, Senior Vice President at Hunt Mortgage Group. “In addition, the deal sponsors on both transactions are experienced industry executives with stellar backgrounds in commercial real estate. The property demonstrated strong historical occupancy rates and solid operations. These were attractive deals for Hunt.”
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.