DALLAS--Hunt Mortgage Group has closed two loans under the new Freddie Mac Small Balance Loan Program, GlobeSt.com has exclusively learned. Both properties are located in the Dallas area, and the total investment was $7.7 million.
The loans each have a ten-year fixed-rate term amortizing over 30 years. The deals include:
· Spanish Breeze Apartments: Hunt Mortgage Group provided a $4.5 million loan facility to refinance Spanish Breeze, a 148-unit property located in Dallas at 3619 Bolivar Drive. The property is comprised of three residential two-story buildings situated on three acres of land. The property features 81 studio/efficiency units, 62 one-bedroom units and five two-bedroom units. The borrower, Bolivar Redevelopment LLC, acquired the property in 2014 and also manages the property.
· Spanish Vista Apartments: Spanish Vista is a 128-unit, multifamily property located in Grand Prairie. Hunt Mortgage Group provided a loan in the amount of $3.2 million to refinance the property. The borrower, Vista Redevelopment LLC, acquired the property in July 2014 and has invested approximately $2 million on capital expenditures, including new roofs, siding, landscaping, painting, parking lot upgrades, interior renovations, new appliances and carpets. Located at 2377 Dalworth St., Spanish Vista Apartments consists of five, two-story residential apartment buildings and was originally constructed in 1970.
"The borrower is a first-time Freddie Mac borrower, but is a repeat Hunt Mortgage Group customer and a seasoned multifamily investor with more than 20 years of investment experience," says Steven Cox, managing director at Hunt Mortgage Group. "To date, Hunt Mortgage Group has funded 12 FNMA loans for this sponsor, all of which are located within the immediate Dallas-Fort Worth metroplex. We were pleased to deliver on these two new loans for this solid investor."
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