MIAMI—Three Palm Beach County, FL multifamily properties have won the confidence of investors. Hunt Mortgage Group financed the multifamily acquisitions.
The three Freddie Mac Small Balance Loans totaled $19.1 million. The multifamily borrower is Typhon Realty Limited, LLC, a New Jersey limited liability company backed by key principals Kimberly Sorrentino, Lawrence Rolnick and Austin Rolnick.
“The borrower on this three-property portfolio deal is a seasoned commercial real estate and multifamily investor,” Bill Papagno, director at Hunt, tells GlobeSt.com. “The borrower has a solid track record of success.”
All three multifamily properties are located in the Green Acres submarket of the Palm Beach Metro area. Palm Beach is located on Florida's southeast coast, north of Broward County, south of Martin County, east of Hendry County, and west of the Atlantic Ocean.
Hunt provided a $4.1 million to finance the acquisition of Villas Santorini, a 28-unit residential property in Lake Worth, FL. The property is part of a larger 34-unit condominium complex, of which the current seller owns 28 multifamily units and the remaining six units are individually owned. The borrower plans to buy the remaining six multifamily units in the next 12 months. The current 28-units have been continually operated as a rental apartment complex.
The transaction is a five-year hybrid arm loan with one year of interest-only, followed by a 30-year amortization. The property is 95% occupied, was built in 2007 and consists entirely of four-bedroom, three-bathroom townhomes with a single-car garage. Multifamily property amenities include a clubhouse, swimming pool, sundeck, and a small playground.
Whispering Winds Townhomes is a residential property located in Greenacres, FL. Hunt provided a $4.8 million loan to secure the acquisition of the multifamily property, a 32-unit apartment complex consisting of four, two-story apartment buildings.
The multifamily property contains all three-bedroom townhomes that were constructed in 2013. Multifamily property amenities include a clubhouse, in-ground swimming pool, and a children's playground. The multifamily transaction is a five-year fixed rate loan with a 30-year amortization, 12-months of interest-only and a yield maintenance prepayment schedule.
Hunt provided a $5.5 million loan to enable the acquisition of Charles Landing Townhomes, a multifamily property located in Palm Springs, FL. The multifamily transaction is a five-year fixed rate loan with a 30-year amortization, 12-months of interest-only and a yield maintenance prepayment schedule.
Charles Landing Townhomes consists of a five, two-story apartment buildings containing 40-three bedroom townhomes style units, built in three phases from 2007 to 2012. Multifamily property amenities include garage parking and a children's play area at the northeast corner of the property.
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