NEW YORK, NY--(Marketwired - Aug 23, 2016) - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a bridge loan in the amount of $33.8 million to the refinance the Strategic Texas Portfolio, a five‐property, 920‐unit, garden‐style apartment portfolio located throughout Texas.
"The borrowers are seasoned commercial real estate investors who are also repeat Hunt Mortgage Group clients," said Paul Angle, Managing Director at Hunt Mortgage Group. "They purchased these five properties as part of a larger 22‐property multifamily portfolio in an off‐market transaction that closed in 2014."
The loans are structured with an 18-month term with 3, 6-month extensions. The loans range in size from $4.5 million to $9.5 million. The borrower has already invested approximately $4 million in renovations to enhance these portfolio properties.
"The borrower has a solid track record of successfully improving properties. Currently, the borrower manages a multifamily portfolio of more than 32 properties located throughout California and Texas," added Angle. "We were pleased to deliver on this refinancing loan for such a strong sponsor."
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. Since inception, the Company has structured more than $20 billion of loans and today maintains a servicing portfolio of more than $11.6 billion. Headquartered in New York City, Hunt Mortgage Group has 169 employees located in 19 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.