NEW YORK, Oct. 21, 2016 (GLOBE NEWSWIRE) -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided four Fannie Mae loans to refinance four multifamily properties in Texas for the same sponsor.
“All four loans were rate locked at 3.50% within 24 hours from application under the Fannie Mae Streamlined Choice Loan Refinance guidelines,” explained Bryan Cullen, Managing Director with Hunt Mortgage Group. The loan terms include a 10-year term, 30-year amortization period, and a 9.5-year yield maintenance period.
The borrower and key principal is William T. Doogan. “Bill is a seasoned commercial real estate executive who began his career in the 1970’s purchasing distressed properties, rehabilitating and reselling them,” added Cullen. “Bill runs a private equity real estate firm with a consistent track record of improving the physical assets and enhancing the operations on behalf of his investors.”
The properties include:
- Edgewood Apartments. Hunt Mortgage Group provided a $3.9 million loan facility to refinance Edgewood Apartments. This garden-style multifamily property is comprised of nine, two- and three-story residential buildings with a total of 136 units. Edgewood Apartments is located in Sealy, Texas, which is 50 miles west of the Houston central business district. Property amenities include an outdoor saltwater pool, a spa, two playgrounds, and a common laundry facility. Parking is available on site.
- Savannah Place Apartments. Savannah Place Apartments is located in the Eldridge neighborhood of West Houston, Texas, which is 23 miles east of the Houston central business district. Hunt Mortgage Group provided a $7 million Fannie Mae facility to refinance this property, a garden-style complex that has 13, two- and three-story residential buildings plus a single story leasing office. There are 260 parking spaces on-site, including 152 carport spaces, enabling each unit to have an assigned/reserved covered space.
- Harpers Mill Apartments. Hunt Mortgage Group provided a $5 million loan to refinance Harpers Mill Apartments, a 130-unit garden-style multifamily property with 13, two-story residential buildings and a two-story leasing office. Harpers Mill apartments has 238 parking spaces. Property amenities include two common laundry facilities and an outdoor swimming pool. The property is located the northwest section of Houston.
- Hillcrest Village Apartments. Located in Alvin, Texas, a far southern suburb of Houston, Hillcrest Village Apartments is a garden-style apartment property with 220-units housed in 16, two-story residential buildings plus a single story leasing office. Hunt Mortgage Group provided a $5.85 million loan to refinance this property. Property amenities include: two swimming pools, two playgrounds, and a newly built grocery store located on the property’s north side.
“Bryan and I financed these properties eight plus years ago and he reached out to me just as I was getting proposals from different sources. The speed and ease of the rate lock and the favorable loan terms compelled me to select Hunt Mortgage Group’s Fannie Mae option,” said Mr. Doogan.
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 $11.8 billion. Headquartered in New York City, Hunt Mortgage Group has 179 employees located in 19 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.
Source:Hunt Mortgage Group