NEW YORK—Hunt Mortgage Group, a commercial real estate lender, has refinanced three Dallas area multifamily properties for the same sponsor, Hunt exclusively tells GlobeSt.com. The total investment was $17.75 million. 

The properties include:

• Spanish Meadows Apartments. Hunt provided an $11 million Fannie Mae loan to refinance the multifamily property located in Mesquite. The complex houses 365 units.
• Courtney Place Apartments. Hunt provided a $2.75 million Fannie Mae loan to refinance the community, located in Dallas. Courtney Place Apartments is a 104-unit garden-style multifamily property comprised of seven two-story residential buildings and a single-story clubhouse. The property was built in 1965. 
• Spanish Stone Apartments. Hunt provided a $3.5 million Fannie Mae loan to refinance the property, located in Garland. Spanish Stone Apartments is a garden-style multifamily property that is comprised of 12 two-story residential buildings and a two-story leasing office/maintenance building. The property was built in 1959 and has a total of 126 units. 

The loans on all three facilities include a 10-year term, 30-year amortization period and a 9.5-year yield maintenance period. 

“The local owner has been very successful at purchasing properties in some level of distress, substantially rehabbing the properties and executing his management plan,” Steve Cox, managing director at Hunt, told GlobeSt.com. “He has not only changed the property economics but helps improve the surrounding community.”

The borrower is a Texas limited partnership that is managed by Gage Investments Ltd. Gage is owned by Gage Management LLC, a Plano-based limited liability company.

“Gage Management is a repeat Fannie Mae customer and the borrower is a seasoned industry executive with a solid background in commercial real estate investing,” says Cox. “The properties are well managed and are located in healthy Dallas-Fort Worth submarkets. This was a solid deal for Hunt.”