Hunt Mortgage Facilitates Acquisition Loan for VA Property
The company worked on behalf of Thalhimer Stratford to secure financing for the purchase of Stratford at Williamsburg, a 156-unit apartment community in Williamsburg, Va.
By Tudor Scolca
Thalhimer Stratford LLC acquired a 156-unit apartment community in Williamsburg, Va. The company, backed by key principals Matthew Raggiand and Evan Magrill, obtained an $8.5 million Fannie Mae loan, provided by Hunt Mortgage Group. The term is for 10 years with five years of interest-only payments, at a rate of 4.4 percent per annum, according to Yardi Matrix. Yield maintenance will apply during the first 9.5 years, with a one percent pre-payment fee thereafter, with no fee due for the last 90 days. Hunt recently provided an eight-year refinancing loan for a community in Bellevue, Wash.
“Matthew and Evan are seasoned commercial real estate and multifamily investors and are also repeat Hunt Mortgage Group sponsors. The previous owner made substantial capital improvements to the property, investing nearly $600,000 but occupancy is lagging so the new owners will concentrate on improving occupancy and rents,” said Bryan Cullen, managing director with Hunt Mortgage Group, in a prepared statement.
Stratford at Williamsburg is located at 100 Stratford Road, off of Route 60. The property offers 32 one-bedroom and 124 two-bedroom units, 660 and 800 square feet in size, respectively. According to Yardi Matrix, monthly rent averages $833, while occupancy is at 91 percent. Common amenities include a playground, a swimming pool and two laundry facilities.
Image courtesy of Yardi Matrix