Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided Fannie Mae and Freddie Mac loans to refinance four multifamily properties located in the Dallas metropolitan statistical area. The loans were structured for the same sponsor and total $ 36.7 million.
· Glenshire Villas Apartments. Located at 12222 Quail Drive in Balch Springs, Texas, Glenshire Villas Apartments is a garden-style multifamily facility comprised of 484 units housed in 89 two-story residential buildings. Hunt Mortgage Group provided a $ 21 million loan to refinance this property. The property was originally acquired by the sponsor in 2007.
· Richland Village Apartments. Hunt Mortgage Group provided a $ 7.5 million loan to refinance Richland Village Apartments. The property was built in 1980 and is a garden-style multifamily complex. The property is located at 9999 Walnut Street in Dallas. It is comprised of 13 two-story residential buildings with a total of 216 units, plus a leasing office. Property amenities include two common laundry rooms, two tennis courts, an outdoor pool, covered parking structures, carports and concrete-paved parking/access area.
The Fannie Mae loan terms on both financings include a 10-year fixed-term, 5-years interest-only followed by 30-year amortization schedule, and a 9.5-year yield maintenance period.
On two smaller properties, the Freddie Mac small balance program allowed sponsorship to realize similarly favorable economic terms.
· Briarwyck Apartments is a 112 unit property located at 10110 Walnut Street in Dallas. Hunt Mortgage Group provided a $ 4.35 million loan to refinance this property and pay off maturing, securitized financing.
· Garden Plaza Apartments is a 102 unit property located at 2701 West Pioneer Drive in Irving, Texas. Hunt Mortgage Group provided a $ 3.9 million loan to refinance this property and retire a maturing, securitized loan.
Both Freddie Mac loans included deferred collection of replacement reserves, repairs, and insurance escrows.
“Sponsorship is a seasoned multifamily owner and investor who lives in California but successfully operates multiple apartment assets in Dallas,” noted Larry Wilemon, Vice President at Hunt Mortgage Group. “These are fully occupied workforce housing properties and the neighborhoods have experienced recent positive growth. The transactions fit nicely within Fannie Mae conventional and Freddie Mac SBL program parameters.”
“Quantum Capital Partners provided comprehensive mortgage banking services to the borrower. The Quantum team’s assistance was invaluable in identifying the best capital markets execution for the sponsor and facilitating all four closings,” added Wilemon.