FREMONT, CA–Hunt Mortgage Group, a commercial real estate lender, provided a $17 million Fannie Mae loan facility to refinance a multifamily property, Durham Greens Apartments at 43555 Grimmer Blvd. The garden-style apartment complex, built in 1985, includes a single-story leasing office, a mini-storage building and 16 residential buildings with 316 units.
The borrower is Morris-Crocker Associates LP, a California limited partnership and domestic single asset entity backed by The Morris Family. The loan has a 10-year term amortizing over 30 years with 9.5 years of yield maintenance.
Richard Olrich, managing director, Hunt Mortgage Group, tells GlobeSt.com: “Strong employment in the South Bay has driven rents and occupancy upward at most South Bay properties. In addition, an aggressive renovation program coupled with attentive management has made the property attractive to existing and prospective tenants.”
Property amenities include two pools, a spa, tennis courts, basketball court, a sand volleyball court, barbecue/picnic area, a fitness center, a community vegetable garden for resident use and a natural running track along the north boundary of the property. The property has 632 parking spaces including 316 carports and 316 open spaces.
“Durham Greens Apartments is well located and offers a unit mix ideal for the targeted tenancy base of families in the area, along with a competitive amenity package,” added Olrich.
The property is situated in the northeastern sector of Silicon Valley near the South Fremont technology corridor. This location near Interstates 680 and 880 offers residents easy access to employment centers in the Bay Area and Silicon Valley.
“We were pleased to add this loan to the Morris family portfolio,” said Olrich. “They are seasoned owner-operators who have consistently and successfully performed in managing the properties in their portfolio. Hunt has provided financing for several loans in the Morris portfolio, most recently an $8.3 million Freddie Mac loan to refinance 1776 Apartments, a multifamily property in San Jose.”
Hunt Mortgage Group has a servicing portfolio of more than $10.9 billion nationwide.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
