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 $ 5 million to finance the acquisition of a multifamily property located in Sacramento, California.
Arden Villas is a 72-unit low-rise style apartment property that is comprised of 16, two-story residential buildings. Built in 1967, the property includes one, one-bedroom, one bathroom apartment and 71, two-bedroom, one-bathroom units. Property amenities include a swimming pool and laundry facility.
The borrower is Promise Keeper LLC, a California limited liability company, backed by key principal Cyril Uyi-Ekpen Inneh. The loan is a 5/1 Hybrid Arm with a step-down prepayment schedule and one-year of interest-only.
“The borrower is valuable partner who is focused on strategically investing in multifamily units throughout the state of California,” noted Mark Besharaty, Director at Hunt Mortgage Group.
“Arden Villas is currently 96% occupied and was renovated by the previous owner in mid-2015,” added Besharaty. “There are currently five units with long term tenants that have not been renovated. The new owner plans to renovate these units at turnover. We were pleased to deliver this loan to a quality local sponsor.”
Units were updated with new flooring, countertops, cabinetry and hardware with select units showcasing a washer and dryer, central HVAC and/or small yards and patio spaces. Double pane vinyl windows were installed throughout the property and much of the interior landscaping was converted to “droughtscape” in an effort to conserve water consumption.