The borrower is PI Holly Ridge, LLC. The loan is a 10-year fixed rate loan with 30 years of amortization and a standard yield maintenance prepayment with the last three months open to prepayment.
“This is the borrower’s first transaction with Hunt Mortgage Group, but they are repeat Freddie Mac borrowers,” noted Misty Read, Director at Hunt Mortgage Group. “They are also seasoned local multifamily investors with current ownership in twenty-five multifamily properties located throughout Kansas and Missouri.”
All 54 units are three-bedroom townhomes with a total net rentable area of approximately 75,600 square feet. On-site amenities include common laundry facilities and 108 parking spaces, including 54-attached garages.
The Kansas City MSA is home to a diverse economy encompassing the agricultural, manufacturing, and governmental sectors. There are several Fortune 500 companies headquartered within the area, including Sprint Nextel Corporation, H&R Block, and International Assets Holding Corporation.
“We were pleased to provide the acquisition financing for this property and for a quality local borrower who is a repeat Freddie Mae client,” added Read.
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 $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.
Hunt Mortgage Group
SOURCE Hunt Mortgage Group