SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

December 09, 2014 08:00 ET

Hunt Mortgage Group Refinances a Multifamily Property Located in Madison, Alabama

Total Funding Equals $6.1 Million

NEW YORK, NY--(Marketwired - Dec 9, 2014) - Hunt Mortgage Group, a commercial real estate lender, announced today it provided a $6.1 million Fannie Mae tier 2 cash out refinance for a multifamily property located in Madison, Alabama. 

Built in 2001, Abby Glenn Apartments is a garden-style apartment community located at l180 West Dublin Drive. It is comprised of 11, one-story apartment buildings containing 119 units and one auxiliary building. The borrower is Dublin I Investment LLC and the key principal is Steven E. Gouletas.

The loan term is ten years, with principal amortizing over a 30-year schedule, and a 9.5-year yield maintenance period. Proceeds from the loan will be used to acquire additional multifamily investments.

"We arranged the acquisition financing for the borrower in 2008 and evolving credit standards required a restructuring of the partnership and an additional key principal to maximize the loan amount," explained Bryan Cullen, Managing Director with Hunt Mortgage Group. 

Abby Glenn is in excellent condition and is currently 94.96% occupied. In addition, the local employment sector in Madison is dominated by the NASA Marshall Space Flight Center & Army's Redstone Arsenal in addition to many nearby companies specializing in defense contracting and the aerospace engineering industries. 

"These factors, combined with the solid underlying real estate fundamentals, made this an attractive deal for Hunt Mortgage Group," concluded Cullen.

Abby Glenn is situated on a 10 acre parcel of land. Property amenities include a swimming pool, a shared laundry facility, leasing office, and 192 open parking spaces.

The Hunt deal team included Cullen and Jake Kressner.

"We used Bryan Cullen and the Fannie Mae DUS Program 7 years ago when we purchased the property. We were interested in investigating different financing options but in the end settled on Fannie Mae again for the low fixed rate and the 75% LTV," commented Gouletas. "Bryan and the Hunt Mortgage Group team are true professionals who work hard to ensure that each step of the process is seamless."

Hunt Mortgage Group provides financing for conventional multifamily properties and other commercial real estate 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 most other commercial real estate assets. 

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