Hunt Mortgage Group Facilitates the Acquisition of a Multifamily Property Located in Grapevine, Texas
Total Funding Equals $43.65 Million
NEW YORK, NY--(Marketwired - Feb 18, 2015) - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $43.65 million Fannie Mae fixed rate loan to facilitate the acquisition of a multifamily property located in Grapevine, Texas.
The property -- 925 Main Street -- is a Class A trophy asset that is comprised of two, three-story and one, four-story residential buildings and a five-level parking garage. Situated on a 5.5-acre lot and built in 2008, the property has a total of 251 units and eight ground-floor retail spaces totaling 19,664 square feet.
The borrower is 925 Main LP, a Texas limited partnership, which is managed by Roland Stewart. The loan term is ten years with five years interest only, followed by a 30-year amortization period and 9.5 year yield maintenance. The loan-to-value is 80%.
"Roland Stewart is a seasoned commercial real estate executive with more than 35 years of hands on experience and a repeat Fannie Mae customer," noted Vic Clark, Managing Director at Hunt Mortgage Group. "In addition, 925 Main Street is in excellent condition, offers tenants superior amenities and is located in very healthy submarket. This was a solid deal for Hunt."
925 Main Street is located in Grapevine, Texas, which is a Dallas-Fort Worth MSA. The city of Grapevine has experienced tremendous growth in development since the construction of the Dallas-Fort Worth International Airport that is located along the southeastern boarder.
"Hunt Mortgage Group was able to take our loan from application to close in a short 30 days," commented Stewart. "The team was terrific to work with -- they are knowledgeable, professional and offer a solid certainty of execution. We hope to partner with the Hunt team again in the near future."
Hunt Mortgage Group provides financing for commercial real estate properties throughout the United States. Hunt Mortgage Group is a Fannie Mae DUS lender, Freddie Mac seller-servicer, and FHA-approved mortgage provider.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. 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 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.
