SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

March 25, 2015 10:00 ET

Hunt Mortgage Group Facilitates the Acquisition of a Multifamily Property Located in The Woodlands, Texas

Total Funding Equals $45 Million

NEW YORK, NY--(Marketwired - Mar 25, 2015) - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $45 million Freddie Mac loan facility to enable the acquisition of a multifamily property located in The Woodlands, Texas.

The Park at Research Forest is a 396-unit apartment complex located at 8900 Research Park Drive in The Woodlands, a town located 32 miles north of downtown Houston. Built in 2001, the property is comprised of seven, three-story residential apartment buildings plus a two-story leasing office. The property also offers 602 parking spaces, including 477 surface spaces on concrete driveways, 45 detached garage spaces, and 80 reserved carport spaces.

The borrower is a tenancy in common arrangement between three newly formed, single-purpose, single-member entities formed in Delaware and backed by Martin Pechter.

"Martin Pechter is a repeat Freddie Mac borrower that has more than 30 years of commercial real estate investment experience," commented James Kelly, Vice President, Mortgage Banking at Hunt Mortgage Group. "He currently has an interest in 29 properties, 27 of which are multifamily assets. His portfolio has a total of 5,147 multifamily units with 1,797 of those units located in Texas."

"The Park at Research Forest is in excellent physical condition, and the seller invested more than $2.5 million in unit upgrades to 263 apartments over the past two years," added Kelly. "In addition, the property is located in a growing market that consistently supports the demand for multifamily housing."

The property is located in a neighborhood that consists of a mixture of commercial and residential development. It is situated approximately 1.7 miles west of Research Forest Drive's intersection with Interstate Highway 45, which provides direct access to the Houston central business district. Although actually located in the City of Shenandoah, the Property obtains most of its municipal services from The Woodlands, a planned development community that was developed in in 1974 as a suburban development and a bedroom community to Houston. 

The Woodlands has also attracted corporations and is home to several corporate campuses, most notably Chevron Phillips, Anadarko Petroleum Corporation, Huntsman, Woodforest National Bank, Baker Hughes, CB&I, McKesson Corporation, Hewitt Associates, Maersk Line, and Safmarine.

Property amenities include a clubhouse with 2nd floor kitchen and game room, several lounges, a business center, fitness center, and wi-fi. A resort style outdoor pool is adjacent to the clubhouse building, with poolside barbeque grills.

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.

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