NEW YORK, NY--(Marketwired - Dec 28, 2015) - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has closed two loans under the new Freddie Mac Small Balance Loan Program. Both properties are located in Texas, and the total investment was $7.7 million.
Under the new program launched last October, Hunt Mortgage Group provides small loans between $1-5 million to borrowers nationwide. Hunt is one of a select few lenders chosen by Freddie Mac to offer the Agency's new Small Balance Lending product.
The loans each have a ten-year fixed-rate term amortizing over 30 years. The deals include:
- Spanish Breeze Apartments. Hunt Mortgage Group provided a $4.5 million loan facility to refinance Spanish Breeze, a 148-unit property located in Dallas at 3619 Bolivar Drive. The property is comprised of three residential two-story buildings situated on 3 acres of land. The property features 81 studio/efficiency units, 62 one-bedroom units and five two-bedroom units.
The borrower, Bolivar Redevelopment, LLC, acquired the property in 2014 and also manages the property.
- Spanish Vista Apartments. Spanish Vista is a 128-unit, multifamily property located in Grand Prairie, Texas. Hunt Mortgage Group provided a loan in the amount of $3.2 million to refinance the property. The borrower, Vista Redevelopment LLC, acquired the property in July 2014 and has invested approximately $2 million on capital expenditures, including new roofs, siding, landscaping, painting, parking lot upgrades, interior renovations, new appliances and carpets. Located at 2377 Dalworth Street, Spanish Vista Apartments consists of five, two-story residential apartment buildings and was originally constructed in 1970.
"The borrower is a first-time Freddie Mac borrower, but is a repeat Hunt Mortgage Group customer and a seasoned multifamily investor with more than 20 years of investment experience," noted Steven Cox, Managing Director at Hunt Mortgage Group. "To date, Hunt Mortgage Group has funded 12 FNMA loans for this sponsor, all of which are located within the immediate Dallas-Fort Worth metroplex. We were pleased to deliver on these two new loans for this solid investor."
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, hospitality, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products including balance sheet, conduit and floating rate CLO financing. Since inception, the Company has structured more than $20 billion of loans and today maintains a servicing portfolio of more than $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 153 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.