by Adina Marcut
Seattle—Hunt Mortgage Group recently announced it has provided two loans totaling $61.5 million for Arete and Green Leaf at Lakewood, two multifamily properties located in the Seattle area. The financing has been secured through the company’s top Seattle-area correspondent, GP Realty Finance.
“The partnership between Hunt Mortgage Group and our firm has now provided the first Fannie Mae loan for a micro housing community, (…) our firm has been involved with the micro housing industry since its beginning and we’re pleased to help open the door to this competitive lending source,” Dan Piantanida, senior vice president of GP Realty Finance Inc., said in prepared remarks.
Arete, located in Kirkland, Wash., is a new mid-rise, LEED Platinum-certified apartment community comprising 290 units. Hunt Mortgage Group provided a $37.5 million Fannie Mae loan to refinance the property. According to Yardi Matrix, the community also features 7,192 square feet of retail space.
Green Leaf at Lakewood is a garden-style property encompassing 231 units in one-, two- and three-story buildings. Located in Lakewood, Wash., the community has a 96.5 percent occupancy rate, according to Yardi Matrix data. Amenities include a clubhouse, fitness center, playground, swimming pool, sport court and spa/sauna.
“These repeat clients are experienced local investors; one an award-winning builder and the other a top value-add developer,” Peter Clasquin, managing director at Hunt Mortgage Group, said in a statement. “Green Leaf will undergo an interior and exterior renovation, which we expect to recapitalize with a supplemental loan within the next few years. Areté is an unsubsidized, affordable, high-quality living experience that is walking distance to many employers and neighborhood services. If every city built projects like Areté there would be no affordable housing crisis in this country,” he added.
Images courtesy of Yardi Matrix