NEW YORK, April 10, 2017 (GLOBE NEWSWIRE) -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $3.25 million to finance the acquisition of a multifamily property located in Greensboro, North Carolina.
Dogwood Creek Apartments is a 128-unit apartment complex consisting of 20, one-story modular style buildings. Located at 3237 Yanceyville Street, the property is approximately four miles north of downtown Greensboro. This is the borrower’s first transaction in North Carolina. The loan is a ten-year fixed loan, with no interest-only and 25 years of amortization.
“The sponsor is a repeat Hunt Mortgage Group and Freddie Mac Small Balance Loan Program borrower,” commented Chad Musgrove, Vice President, at Hunt Mortgage Group. “We recently partnered with him to finance the acquisitions of Spanish Villas and Kensington Cottages, both in Florida in the summer of 2016.”
Dogwood Creek Apartments was built in 1988 and is situated on a 7.90-acre site that includes an onsite leasing center. Site improvements include concrete-paved walkways, landscaping and a laundry facility.
“The subject property was renovated in 2006 with more than half of the units updated at the time. The property has been well maintained, and more improvements are planned,” added Musgrove. “The borrower is also a seasoned commercial real estate and multifamily investor with demonstrated experience and a successful track record in enhancing the performance of underperforming real estate projects. We were pleased to provide this loan to a quality sponsor to continue to provide affordable housing in the local community.”
The area surrounding Dogwood Creek Apartments is largely composed of residential uses, primarily single-family properties and commercial/retail uses located along major carriers and at major intersections.
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