NEW YORK, March 22, 2017 (GLOBE NEWSWIRE) -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided three Fannie Mae loans totaling $62,595,000 to enable the acquisition of multifamily properties located in Farmers Branch (Las Colinas) and San Antonio, Texas and the refinance of a multifamily property located in Houston, Texas, all for the same Sponsor – Mr. Charlie Yalamanchili and Ilan Investments, LLC.
- Portofino at Las Colinas. Portofino at Las Colinas is a luxury apartment complex comprised of a single, four-story residential building with an integrated six-level parking garage and a total of 224 units. The property was built in 2006 and is located at 11601 Lago Vista West in Farmers Branch (Las Colinas), Texas.
Community amenities include a resort-style swimming pool with a fountain; a spacious courtyard with lounge and grilling areas; a 24-hour, state-of-the-art fitness facility; a Club Room Lounge with billiards and shuffleboard tables; an internet café and coffee bar; and a business center. Parking is provided on site via a total of 331 spaces. The loan terms include a 10-year term with one-year interest only, 30-year amortization period, and 9.5 year yield maintenance period.
- Vineyard Springs. Vineyard Springs is a luxury garden-style apartment complex comprised of 23, three-story residential buildings plus a single-story leasing office with a total of 364 units. The property was built in 2000 and is located at 18200 Blanco Springs in northwest San Antonio, Texas near the Stone Oak area.
Community amenities include a boutique swimming pool with spa and cascading fountains; a second outdoor swimming pool; an outdoor kitchen and cabana with poolside grills; a putting green and a dog park; a clubhouse/leasing office with a recently renovated 24-hour fitness center, a separate yoga/spin studio, and clubroom lounge areas with a fireplace and an adjacent kitchen, plus theater room with stadium seating. Parking is provided on site via a total of 546 spaces. The loan terms include a 10-year term with one-year interest only, 30-year amortization period, and 9.5 year yield maintenance period.
- Thorntree Apartments. Thorntree Apartments is a garden-style apartment complex comprised of 15, two-story residential buildings plus a single-story leasing office/clubhouse building with a total of 224 units. The property was built in 1979 and is located at 13502 North Thorntree Drive in Houston, Texas.
Community amenities include an outdoor swimming pool, a playground area, two on-site laundry facilities, and an outdoor sport court for tennis, soccer, etc. Parking is provided on site via a total of 343 spaces. The loan terms include a 10-year term, 30-year amortization period, and 9.5 year yield maintenance period.
All three loans were also closed utilizing Fannie Mae’s “Green Rewards” financing program which allowed Hunt Mortgage Group to fund the borrower’s planned energy- and water utility-saving improvements and achieve lower interest rate pricing.
“Charlie Yalamanchili is a premier commercial real estate and multifamily investor and a repeat Hunt Mortgage Group and Fannie Mae client,” explained Vic Clark, Senior Managing Director & National Production Leader at Hunt Mortgage Group. “We have a 20-year history financing Mr. Yalamanchili and are extremely pleased to be closing Fannie Mae and bridge loans for him. We look forward to continuing this long-term relationship.”
“Working with Charlie’s Houston and Austin team was a pleasure – especially as we navigated through a tumultuous time in the market after the election in November,” added Colin Cross, Director and head of the Dallas Originations Team at Hunt Mortgage Group. “The transactions were successful thanks to Charlie and his experienced team of true professionals. We are thrilled with the executions on such great pieces of real estate and for a great customer.”
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, 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 $21 billion of loans and today maintains a servicing portfolio of more than $12 billion. Headquartered in New York City, Hunt Mortgage Group has 189 professionals in 20 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.
Source:Hunt Mortgage Group