New York, NY – (RealEstateRama) — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has refinanced six multifamily properties under the Freddie Mac small balance loan program. The properties are located is various cities and the total funding by Hunt Mortgage Group is $11.5 million.
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The deals include:
112 North Second Apartments. Hunt Mortgage Group provided a $1.8 million Freddie Mac loan to refinance 112 North Second Apartments, a 20-unit multifamily two-story building located in Alhambra, California. The transaction has a 20-year term with 30-years amortization and a step-down prepayment schedule, with 12-months of interest only. The borrowers, Jeffrey and Kimberly Collaso, have owned the property since 2004.
The Searle Building. The Searle Building was constructed in 1910 and consists of a single, four-story building containing 31 residential rental units and four ground floor commercial spaces situated on 0.34 acres of land. Located in Rochester, New York, Hunt Mortgage Group provided a $2.49 million Freddie Mac small balance loan to refinance the property. The transaction has a ten-year fixed rate term with two-years of interest only and a 30-year amortization with step-down prepayment schedule. The borrower is Loftworks 181 LLC, a New York limited liability company, backed by Stephen Kiner and Brian Kiner.
Harvard Park Apartments. Harvard Park Apartments is a 40-unit multifamily property located in Harvard, Illinois. Hunt Mortgage Group provided a $2.1 million Freddie Mac small balance loan to refinance Harvard Park. The transaction is a 10-year fixed rate transaction with 30-year amortization. The borrower is Soleus Creekside, LLC, an Illinois limited liability company backed by Thomas A. Chaffee Jr. and Geri Brukoff-Chaffee. Built in 1975, the property is in excellent condition as the borrower invested $182,000 in capital improvements over the past three years. Harvard Park Apartments is a garden property consisting of five two-story apartment buildings containing all two-bedroom apartments.
Clinton Gardens Apartments. Hunt Mortgage Group provided a $1.14 million Freddie Mac small balance loan to refinance Clinton Gardens Apartments, a 15-unit property located in New Haven, Connecticut. The transaction carries a ten-year fixed rate term with a 30-year amortization and a step-down prepayment schedule. Clinton Gardens Apartments was constructed in 1962 and consists of two, two-story buildings situated on 0.64 acres of land. The property features all two bedroom, 1.5 bath townhouse units and includes 17 open parking spaces. The borrower is Clinton Gardens, LLC, a Connecticut limited liability company, backed by Senada Duskic and Safet Duskic.
Vienna Forest Apartments. Vienna Forest Apartments a 107-unit property located in Middletown, Ohio. The transaction is a 10+10 hybrid-ARM transaction with three initial years of interest only and then a 30-year amortization period. The borrower is 206 E. Elm, L.L.C., an Oklahoma limited liability company, backed by Michael Basinet and Richard Basinet. Hunt Mortgage Group provided a Freddie Mac small balance loan in the amount of $3 million to refinance Vienna Forest Apartments. The property consists of 11 two-story apartment buildings, one clubhouse, and four detached parking garages.
288 Oxford Apartments. Hunt Mortgage Group provided a $1 million Freddie Mac small balance loan to refinance 288 Oxford Apartments, a 15-unit property located in Clarendon Hills, Illinois. The transaction is a 5+15 Hybrid ARM with 30-year amortization and a step-down prepayment schedule. The borrower is Epitome Investments, LLC, an Illinois limited liability company, backed by Andrey Savenok, a new Hunt Mortgage Group and Freddie Mac borrower. The property is a two-story residential walk-up building that was built in 1964. The property has 11 one-bedroom units and four two-bedroom units, and 17 open parking spaces.
Hunt is known as a national leader in structuring loans using Freddie Mac products. Hunt Mortgage Group was one of three institutions initially selected by Freddie Mac to deliver these small balance loans at the outset of their program.
“We knew Freddie Mac’s small balance loan product would be extremely competitive and attractive to our clients in the smaller multifamily sector, and we aggressively began offering the product,” commented Owen Breheny, Director at Hunt Mortgage Group and part of its dedicated Small Balance team. “Hunt Mortgage Group is known for their expertise in the small balance arena. We have made solid inroads across the country among investors with this targeted product. We look forward extending this attractive option to other multifamily owners in additional markets in 2016.”