The loan is a 10 year full term interest only loan which is attractive because it substantially increases the borrower’s cash flow.
(PRWEB) August 20, 2014
Hunt Mortgage Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has provided a full term interest only Fannie Mae loan in the amount of $5.5 million loan to refinance Terrace Garden Apartments, a multifamily property located in San Leandro, California.
Terrace Garden Apartments is comprised of one, four-story apartment building and a one-story clubhouse. Built in 1964, the property includes a total of 77 garden-style units situated on 2.19 acres of land. The unit mix includes 35 one-bedroom, one-bathroom units and 42 two-bedroom, one-bathroom apartments. Parking is provided on-site with 88 open parking spaces.
“The borrower is a repeat Centerline now Hunt customer that has over 20 years of experience in multifamily ownership and management,” said Krage Olrich, Vice President at Hunt Mortgage Group. “The loan is a 10 year full term interest only loan which is attractive because it substantially increases the borrower’s cash flow. The facility was provided in a rapid 56 days from application to close and proceeds from the cash out refinance will be used to grow the business.”
San Leandro is located in Alameda County, in the San Francisco-Oakland-Fremont MSA. San Leandro is on eastern shore of the San Francisco Bay sandwiched between Oakland and Hayward. Terrace Garden Apartments is located approximately three miles south of San Francisco’s central business district and 15 miles south of Oakland’s central business district in close proximity to three major interstates (880 west, 580 east, and 238 south). The University of California, Berkeley is approximately 16 miles north of the property.
“The local market is strong with no reported plans for any new units to be added to market inventory within the submarket,” added Olrich. “Terrace Garden Apartments is at 100% occupancy and outperforms the submarket’s average 98.3% occupancy. This was a solid deal for Hunt.”
Property amenities include fenced sundeck area with a pool, basketball area, community building with a media room, secure entrance, and three laundry rooms with a total of seven washers and dryers.
Hunt's deal team included Krage Olrich, May Hill, Stephanie Kwok and April Swan-Rosney.
Hunt Mortgage Group provides financing for conventional multifamily properties throughout the United States. Hunt Mortgage Group is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a real estate finance company providing financing and investing for conventional and affordable multifamily housing throughout the United States. Hunt Mortgage Group is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Hunt Mortgage Group partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Hunt Mortgage Groupʼs core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Hunt Mortgage Group offers various CMBS executions for multifamily and other commercial properties, proprietary bridge loans and select joint venture equity products. Today the firmʼs lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Headquartered in New York City, Hunt Mortgage Group has 145 employees in 14 locations throughout the United States. To learn more about Hunt Mortgage Group, visit http://www.huntmortgagegroup.com.