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.
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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.
