Hunt Mortgage Group Refinances Two Multifamily Properties in Wisconsin
— Total funding equals $11.8 million —
New York, NY — April 9, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided Fannie Mae loan facilities to refinance two properties located in Wisconsin. The properties include:
- Prairie Landing Apartments. Hunt Mortgage Group provided a $3 million loan facility to refinance Prairie Landing Apartments. Located in Sharon, Wisconsin, the property is a 150–unit garden style community that is comprised of 26, two-story apartment buildings. The buildings were developed in 1973 with 145,186 square feet of rentable space situated on a 9.89-acre parcel of land. The borrower, Prairie Landings, LLC, acquired the property in late 2013. The loan terms include a 10 year term, 2 years interest only followed by 30 year amortization period, and a 9.5 year yield maintenance period. Project amenities include 110 underground garage parking spaces, two laundry rooms, fitness center, business center, on-site leasing office, clubroom, elevator in each building, and tenant storage lockers.
- Arrowhead Apartments and Townhomes. Located in La Crosse, Wisconsin, Arrowhead Apartments and Townhomes is situated on 16.3 acres and is comprised of 26 two-story residential buildings plus a single story community building. The property houses 246 units and was built in 1967. Hunt provided a Fannie Mae loan facility in the amount of $8.8 million to refinance Arrowhead. The loan terms include a 10 year term, 30 year amortization period, and a 9.5 year yield maintenance period. The borrower, Arrowhead Village and Townhouses LLC, acquired the property in February, 2005. Parking is furnished on-site via 414 surface asphalt spaces. The Arrowhead deal was brokered by Darryl Stroup of Meridian Capital Group LLC.
“The borrowers on both transactions are experienced local owner-operators and seasoned multifamily investors,” noted Steven Cox, Managing Director at Hunt Mortgage Group who worked with the team at Arrowhead.
“They are both located in healthy submarkets that are performing well with a need for quality multifamily properties,” commented Vic Clark, Managing Director at Hunt Mortgage Group who worked with the Prairie Landing group.
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.