New York, NY – July 14, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided four Freddie Mac small loans that total $6.5 million to refinance four separate multifamily properties located in Tampa, Florida.
The borrower is KAIN Cares LP, a Florida Limited Partnership, backed by Harsch and Anita Khandelwal. The loans are all 5-year fixed rate with a 30-year amortization and step-down prepayment schedule. They all include one-year of interest only, after which the loans will amortize on a 30-year basis. The properties include:
- Humphrey Street Apartments. Hunt Mortgage Group provided a $1 million loan to refinance Humphrey Street Apartments, a 32-unit, garden-style apartment complex built in 1985 and situated on a 3.85-acre parcel of land. The property consists of eight two-story residential buildings containing and an additional building used as the clubhouse. The unit mix consists entirely of two-bedroom, one-and-a-half-bathroom townhouses.
- Sligh Avenue Apartments. A 40-unit, garden-style multifamily property, Sligh Avenue Apartments was built in 1985 and situated on a 2.20 acre parcel of land. Hunt provided a $1 million loan to refinance this property that consists of four two-story residential buildings and a leasing office. Units in this property are all two-bedroom, two-bathrooms.
- Lucerne Drive Apartments. Lucerne Drive Apartments is a 106-unit, garden-style apartment complex built in 1973 and situated on a 5.43-acre parcel of land. The property consists of nine one- and two-story residential buildings. Hunt Mortgage Group provided a $2.5 million loan to refinance Lucerne Drive Apartments. The unit mix consists of 80 one-bedroom, one-bathroom; 24 two-bedroom, one-and-a-half-bathroom apartments; and two two-bedroom, two-bathroom units. Property amenities include a swimming pool and a laundry facility.
- North Chase Villas. Built in 1974, North Chase Villas is a 72-unit, garden-style apartment building situated on a 3.60-acre parcel of land. Hunt Mortgage Group provided a $2 million loan to refinance this property that consists of six three-story residential buildings. The unit mix: nine one-bedroom, one-bathroom apartments; three one-bedroom, one-bathroom units; 12 two-bedroom, one-and-a-half-bathroom apartments; and 48 three-bedroom, two-bathroom units.
“All four properties are located in a northern Tampa suburban submarket, surrounded primarily by single-family residential and multifamily properties with commercial and retail facilities conveniently located,” commented Owen Breheny, Director at Hunt Mortgage Group and part of its dedicated Small Balance team. “The borrower is an entrepreneur, and an experienced real estate investor. We were pleased to provide and close concurrently on all four of these Freddie Mac loans.”
Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is nationwide specialty finance company focused on commercial real estate. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 139 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.