New York, NY – April 20, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided Fannie Mae loan facilities to finance the acquisition of two multifamily properties located in Wilmington, Delaware. The properties include:
- Limestone Terrace Apartments. Hunt provided an $8.35 million structure for the acquisition of Limestone Terrace Apartments. Located at 4605 Patrician Terrace Blvd, the property is now secured by a loan facility carrying a 12-year term with 11.5-year yield maintenance period, one year of interest only and 30-year amortization. Limestone Terrace is a garden-style property and is comprised of 8, three-story apartment buildings containing 136 units. The buildings were developed in 1961 with 110,490 sf of rentable space. The properties are situated on 5.64 acres. The borrower is Limestone Fee, LLC.
The unit mix includes: 50 one-bedroom, one-bathroom units; 18 two-bedroom, one-bathroom apartments; 72 two-bedroom, one-and-a-half bathroom units; and 16 three-bedroom, one-and-a-half bathroom apartments. Project amenities include laundry rooms in each building, a swimming pool, and a leasing office. The property also offers 186 open parking spaces.
- Mill Creek Village. Located at 131 Scarborough Park Drive, Mill Creek Village is a garden-style multifamily property comprised of seven, three-story apartment buildings containing 156 units. The buildings were developed in 1975 with 133,575 sf of rentable space and are situated on 8.80 acres. Hunt provided a $9.95 million loan facility for the acquisition of Mill Creek Village. The borrower is Mill Creek Fee, LLC.
The Property offers: 45 one-bedroom, one-bathroom units; 18 two-bedroom, one-bathroom apartments; 72 two-bedroom, one-and-a-half bathroom units; and 16 three-bedroom, one-and-a-half bathroom apartments. Loan terms are 12 years with an 11.5-year yield maintenance period, one-year of interest only and 30-year amortization. Property amenities include laundry rooms in each building, a swimming pool, and a leasing office. The property also offers 206 open parking spaces.
These were the first purchases completed by key principal Lou Reynolds in Wilmington after re-positioning a number of properties in New Jersey. “The communication lines were always open and Bryan and his team were quick to respond to the inevitable challenges when closing over the holidays. The loans were what we needed to fund the acquisition and improvements to reposition these assets,” said Reynolds.
“We structured both loans with 12 year terms as this allowed us to maximize the leverage to include soft costs and funded repairs,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “The submarket occupancies are above 95%, and there is room to increase the rents with the planned improvements.”
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is nationwide specialty finance company focused on commercial real estate. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 14 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.