SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

September 26, 2016 17:30 ET

Hunt Mortgage Group Refinances a Five-Property Multifamily Portfolio Located in the Southeast

Total Funding Equals $35.6 Million

NEW YORK, NY--(Marketwired - Sep 26, 2016) - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has refinanced a portfolio of five multifamily properties located in the Southeast. The total loan amount is $35.6 million and each loan will carry its own mortgage.

Loan terms for this single borrower include: a seven-year term, with three-years of interest-only payments, a one-year prepay lockout followed by 1% prepayment, and 30-year amortization. The properties include:

  • Williamsburg Village Apartments. Located in Gainesville, Florida, Williamsburg Village Apartments is a 128-unit multifamily property comprised of 11, three-story apartment buildings and a one-story leasing office/clubhouse. Hunt Mortgage Group provided a $5.5 million loan to refinance Williamsburg Village Apartments. The property has a student tenant base of 97% and it is located 0.7 miles away from the University of Florida in Gainesville. Enrollment at the University has been on the rise over the last four years and there is strong demand for student housing in the area. Property amenities include: a swimming pool, sun deck and laundry facility. 

    Williamsburg Village Apartments was built in 1967. The borrower acquired the property in April 2015 and has invested approximately $1 million capital expenditures to improve the property, including exterior building painting, resurfacing parking lots, renovation of the pool area, and new laundry room equipment.

  • Hunters Pointe Apartments. Hunt Mortgage Group provided a $10 million loan to refinance Hunters Pointe Apartments, a 394-unit multifamily property comprised of 62 one- and two-story buildings and a single-story clubhouse, maintenance building, mail kiosk, and two pool equipment buildings. All of the two-story residential buildings have townhome-style units with the remaining buildings situated in garden or loft-style fashion. The property was acquired by the borrower in May 2015 and is located in Charlotte, North Carolina.

    Property amenities include: a clubhouse, leasing office, laundry room, three in-ground swimming pools, playground, and basketball court. The borrower has invested capital expenditures of approximately $600,000 in the property to date; plans are to complete additional renovations to improve the property and fully restore the amenities. The clubhouse building will be rebuilt to include a fully accessible leasing office, community laundry facility, and community center. 

  • Mt. Vernon Apartments. Located in Gainesville, Florida, Hunt Mortgage Group provide a Fannie Mae loan in the amount of $4.1 million for the refinance of Mount Vernon Apartments. The property is a garden-style multifamily property comprised of nine, three-story buildings and one single-story leasing office building with a total of 102 units.

    The property is located a little more than one mile away from the University of Florida in Gainesville and has a student concentration of 97%. Mount Vernon Apartments benefits from a high occupancy and the market as a whole has a low vacancy rate of 2.3%. The property was built in 1969. Since the acquisition the borrower has invested approximately $276,404 in capital expenditures. Project amenities include a leasing office, swimming pool, and laundry facility. Recent renovations include: the pool area, new laundry room equipment, and remodeling of the leasing office. 

  • Biscayne Apartment Homes. Biscayne Apartment Homes is located in Atlanta, Georgia and is a garden-style multifamily property consisting of 24 two-story residential buildings plus a single story leasing office building and a single story laundry building. The property has a total of 370 units and was built in 1972.

    Hunt Mortgage Group provided a loan in the amount of $7.9 million to refinance this property. Property amenities include: a swimming pool, laundry facilities, and a volleyball court. Since acquiring the property, the borrower has invested approximately $638,186 in capital expenditures. Unit upgrades include: new ranges, refrigerators, dishwashers, carpet, and flooring. Exterior improvements are: new HVAC units, pool enhancements, and general landscaping upgrades. 

  • Eastwyck Village Townhouses. Hunt Mortgage Group provided funds in the amount of $8.1 million for the refinance of Eastwyck Village Townhouses. Located in Atlanta, Georgia. This garden-style multifamily property is 91% occupied and is comprised of 80, two- and three-story residential buildings, plus a single story leasing office with a maintenance shop and a mail kiosk. The property has a total of 436 units.

    Eastwyck Village Townhouses was purchased as a distressed asset in January 2015 and the owner has been working diligently to improve the operations through renovations and new tenants. Constructed in 1964, property amenities include: a leasing office and a community garden.

"The borrower on this portfolio is a seasoned commercial real estate investor with multiple multifamily properties in its portfolio," commented Steven Cox, Managing Director at Hunt Mortgage Group. "They are known for adding value to the properties they have acquired. We were pleased to deliver these loans to this quality 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

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