NEW YORK, NY--(Marketwired - Nov 6, 2014) - Hunt Mortgage Group, a commercial real estate lender, announced today that it has refinanced three multifamily properties located in Dallas County, Texas for the same sponsor. The total Hunt Mortgage Group investment was $17.75 million.
The properties include:
- Courtney Place Apartments. Hunt Mortgage Group provided a $2.75 million Fannie Mae loan facility to refinance Courtney Place Apartments located in Dallas, Texas. Courtney Place Apartments is a 104-unit garden style multifamily property comprised of seven, two-story residential buildings and a single-story clubhouse. The property was built in 1965.
- Spanish Stone Apartments. Hunt Mortgage Group provided a $3.5 million Fannie Mae loan to refinance Spanish Stone Apartments located in Garland, Texas. Spanish Stone Apartments is a garden style multifamily property that is comprised of 12 two-story residential buildings and a two-story leasing office/maintenance building. The property was built in 1959 and has a total of 126 units.
- Spanish Meadows Apartments. Hunt Mortgage Group provided an $11 million Fannie Mae loan to refinance Spanish Meadows Apartments, a multifamily property located in Mesquite, Texas. The complex houses 365 units.
The loans on all three facilities include a 10-year term, 30-year amortization period and a 9.5 year yield maintenance period.
The borrower is a Texas limited partnership that is managed by Gage Investments, Ltd. Gage is owned solely by Gage Management, L.L.C., a Texas limited liability company.
"Gage Management is a repeat Fannie Mae customer and the borrower is a seasoned industry executive with a solid background in commercial real estate investing," said Steven Cox, Managing Director at Hunt Mortgage Group. "The properties are well managed and are located in healthy Dallas-Fort Worth submarkets. This was a solid deal for Hunt."
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. It also is a proprietary lender for other commercial real estate assets.
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 $10.4 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 129 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.