MIAMI—Hunt Mortgage Group says it has placed two loans to facilitate the acquisition of two multifamily properties located in the Southeast.
· The Palm Apartments. The Palm Apartments is comprised of 18 buildings that house a total of 240 units on approximately 196,000 square-feet of rentable space. The complex is located in Gulfport, Mississippi and was developed in 1985 and 1990 in two phases. The Palm Apartments offers one-bedroom, one-bathroom and two-bedroom, one-bathroom units and features a fitness center and spa. Hunt Mortgage Group placed an $8.7 million Fannie Mae loan to enable the acquisition of this property.
The borrower is based in Mobile, AL, and manages over 10,000 units in the southeast. The transaction is structured with a 7-year term with a 5-year yield maintenance period, followed by a 30-year amortization with two years of interest only.
"Chad Musgrove (vice president at Hunt Mortgage Group) was integral in closing this transaction at the terms above given his familiarity with the market having grown up just fifteen minutes from the subject," stated Marc Suarez, senior vice president at Hunt Mortgage Group.
· Arbor Creek Apartments. Hunt Mortgage Group provided a $3.3 million Freddie Mac loan to facilitate the acquisition of Arbor Creek Apartments, a 117-unit multifamily property located in Conyers, GA. The transaction is a five-year fixed rate loan with a 30-year amortization schedule.
The property is comprised of 16, two-story buildings situated on 10.77 acres of land. Property amenities consist of two swimming pools and laundry facility. Arbor Creek Apartments was constructed in 1967 and partially renovated in 2014. The borrower is a local real estate investor that has been investing in multifamily real estate since 2001.
"The borrowers on both properties are seasoned investors with solid track records for successfully managing multifamily properties," noted Musgrove.
"The southeast markets continues to present value-add opportunities for our clients. We were pleased to facilitate these transactions out of the Miami office of Hunt Mortgage Group," concluded Suarez and Musgrove.
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, hospitality, industrial, and self-storage facilities.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
