SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

October 10, 2014 15:00 ET

Hunt Mortgage Group Refinances a Multifamily Property in Pittsburgh, Pennsylvania

NEW YORK, NY--(Marketwired - Oct 10, 2014) - Hunt Mortgage Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today that it has provided a $2.75 million loan facility to refinance a multifamily property located in Pittsburgh, Pennsylvania. 

Aspen Court Apartments is a 59-unit multifamily apartment facility that consists of three, three-story buildings with a mix of unit types including studio apartments, one-bedroom one-bathroom units, and two-bedroom one-bathroom units.

The property is located at 102-106 West Steuben Street in the Crafton Borough of Pittsburgh, Pennsylvania. The loan was structured in the small loan program at Hunt. The loan term is 15 years with amortization based on a 30 year schedule.

The borrower is Aspen Court, LLC. Proceeds from the refinance will be used to pay off the existing recourse debt with a local bank lender. The new financial structure will also enable the borrower to recoup some of the costs for renovation incurred in the last 24 months.

"The borrowers have very strong ties to the local community, currently owning 11 properties in Pittsburgh and the surrounding market," said Owen Breheny, Senior Vice President Mortgage Banking at Hunt Mortgage Group. "Aspen Court Apartments was rehabbed in 2012 at a cost of $1.3 million. At the time of funding the property was 100% occupied and had averaged 96% occupancy for the prior 6 months."

"Hunt was able to close this loan in 45 days after receipt of application," continued Breheny. "We were able to secure low interest financing on a 15-year fixed term loan on behalf of the borrower. The fact that the property was just upgraded, combined with the solid underlying real estate fundamentals, made this a good transaction for Hunt Mortgage Group."

Aspen Court Apartments is in good condition and benefits from excellent access to commercial, recreational, and educational services. The property is self-managed by the key principals' management firm, Newbury Realty Group, LLC, who has over 45 years of experience managing properties throughout the Midwest.

Property amenities include three common area laundry rooms with washers and dryers, and assigned parking. Select units have balconies that were recently installed by the owners as part of the renovations.

The Hunt Mortgage Group deal team included Breheny, Marissa Whiteside and Russell Carlson.

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