SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

December 15, 2014 12:22 ET

Hunt Mortgage Group Refinances a Multifamily Property Located in Tacoma, Washington

NEW YORK, NY--(Marketwired - Dec 15, 2014) - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $14.3 million Freddie Mac first mortgage to refinance a multifamily property located in Tacoma, Washington. 

Metropolitan Apartments Phase I is an 88-unit, five-story apartment complex located at 233 St. Helens Avenue. The borrower is a Washington limited liability company backed by John Wise, Key Principal and Owner of Metropolitan Apartments. The loan term is five years, with principal amortizing over a 30-year schedule. Proceeds from the loan will be used to refinance existing debt.

"Metropolitan Apartments is in excellent condition and offers tenants superior amenities," noted Josh Messier, Vice President Mortgage Banking at Hunt Mortgage Group. "Construction on the property was completed in 2003 and each unit has its own full size washer/dryer machines, onsite recreational amenities including a fitness room, tanning room, conference room and a street level plaza with barbecue grills and tables." 

Property residents also have access to the amenities at the adjacent Phase II property that includes an additional 2,000 square foot fitness center, indoor pool and spa, tanning rooms, lockers, clubroom with large screen TV and adjacent billiard room, kitchen and private 16-person dining room, indoor putting green, 39-seat movie theater, dance studio and outdoor pool. 

"We just closed our second permanent apartment loan with the team at Hunt Mortgage Group a few years after having done the same on an adjacent first phase," commented Wise. "With each loan, Josh and countless other team members made each step convenient and sure with their thorough knowledge, professionalism, and array of attractive loan products. We look forward to partnering with Hunt again in the near future."

"Metropolitan Apartments is a Class A asset with numerous amenities in a very strong submarket of Tacoma. The property offers views of Commencement Bay and is located near major employment and transportation centers making it an attractive community for renters," added Messier. "The property benefits from high occupancy rates, strong management and operating fundamentals. These factors, along with solid, repeat sponsorship made Metropolitan an ideal transaction for Hunt Mortgage Group. We were also pleased that we were able to close quickly with a Freddie Mac execution, significantly reducing the borrowers' interest rate."

The Hunt deal team included Messier, Darryl Reimer, and Stacy Benton.

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