GRAPEVINE, Tex.--Hunt Mortgage Group has provided a $43.65 million Fannie Mae fixed-rate loan to facilitate the acquisition of a multifamily property located in Grapevine, the company exclusively tells GlobeSt.com.
The property, The Resort at 925 Main, is located at 925 Main St. The class A asset is comprised of two, three-story and one, four-story residential buildings and a five-level parking garage. Situated on a 5.5-acre lot and built in 2008, the property has a total of 251 units and eight ground-floor retail spaces totaling 19,664 square feet.
The borrower is 925 Main LP, which is managed by Roland Stewart. The loan term is ten years with five years interest-only, followed by a 30-year amortization period and 9.5 year yield maintenance. The loan-to-value is 80 percent.
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