SOURCE: Hunt Mortgage Group

Hunt Mortgage Group

December 19, 2014 08:00 ET

Hunt Mortgage Group Refinances Four Multifamily Properties Located in Chicago

Total Funding Equals $4.4 Million

NEW YORK, NY--(Marketwired - Dec 19, 2014) - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided two small balance loans to refinance four multifamily properties located in Chicago for the same sponsor. The total Hunt Mortgage Group investment was $4.4 million. 

Noted Peter Margolin, Senior Vice President at Hunt Mortgage Group, "Both loans will be used to refinance existing debt and provide some cash out to the borrowers to reimburse them for a variety of recent capital improvements." 

The properties include:

  • Waller Avenue Apartments. Hunt Mortgage Group provided a $1.5 million Fannie Mae loan to refinance Waller Avenue Apartments, a 45-unit multifamily property located at 133 and 137 South Waller Avenue in Chicago. The loan term is 10-years with 9.5-years yield maintenance, and a 30-year amortization schedule. 

    Built in 1952, the borrower has spent approximately $133,000 in capital improvements on the property over the past three years. Waller Avenue Apartments is currently 100% occupied and has averaged 93% occupancy over the past 12 months.

  • Central/Monroe, Pine Apartments and Lotus/Monroe Apartments. Hunt Mortgage Group provided a $2.9 million Fannie Mae loan to refinance these three multifamily properties in Chicago, all of which consist of one, three-story building and basement. Central/Monroe Apartments has a total of 17 units located at 5575 West Monroe St. Pine Apartments is located at 312-318 North Pine Avenue and has a total of 38 units and Lotus/Monroe Apartments is located at 5501 West Monroe Street and has a total of 23 units.

    The properties were constructed in 1927, 1931, and 1929 and were purchased by the borrower in 2000, 2002, and 2005, respectively. The borrower has invested approximately $207,000 in capital improvements for all three properties over the last three years and the combined occupancy rate for the properties is 94.87%. 

The borrower on these transactions is two separate LLCs backed by key principals Thomas Viere and Larry Ordower, who have approximately 38 years of combined multifamily experience. 

"Thomas and Larry are seasoned commercial real estate executives and repeat Hunt Mortgage Group clients," added Margolin. "The properties are also the first loans that we have completed on the west side of Chicago in the Austin neighborhood. We decided to enter this area of Chicago due to the borrower's extensive experience in owning and operating properties there."

The Hunt deal team included Margolin, Carla Keller and JuliAnn Gray. 

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