SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

June 27, 2016 10:00 ET

Hunt Mortgage Group Refinances a Multifamily Property in Little Rock, Arkansas

Total Funding Equals $8.75 Million

NEW YORK, NY--(Marketwired - Jun 27, 2016) - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided an $8.75 million Fannie Mae loan to refinance a multifamily property located in Little Rock, Arkansas.

Located at 418 Markham Mesa Drive, Spanish Rock Apartments was acquired by the borrower, Westland Redevelopment, LLC, a Texas limited liability company in March 2015.

"A year after acquisition, the borrower renovated the property, investing more than $5 million in capital expenditures, including HVAC upgrades as well as improvements to the building's exterior and interiors," noted Steven Cox, Managing Director at Hunt Mortgage Group.

Loan terms include a 10-year term, 25-year amortization period, and a 9.5 year yield maintenance period. Spanish Rock Apartments is comprised of 13 two- and three-story residential buildings plus a single story leasing office building. The property houses a total of 258 units on 8 parcels, encompassing 12.8 acres. 

Property amenities include: a leasing office building with lounge, an in-ground swimming pool, outdoor picnic area, and a tennis court, which will soon be replaced with a small soccer field. 

"Spanish Rock Apartments is in good condition and is currently 92% occupied," added Cox. "The borrower is a seasoned commercial real estate and multifamily investor and repeat Fannie Mae and Hunt Mortgage Group borrower. We were pleased to deliver on this loan for a quality sponsor."

Spanish Rock Apartments is located in a west Little Rock neighborhood, known as West Markham, within the Little Rock-North Little Rock-Conway metropolitan service area. The Property is located 7.7 miles west of the Little Rock central business district and 14.4 miles west of the Bill and Hillary Clinton National Airport. 

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 18 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.

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