Hunt Mortgage Group Provides $118M Loan for Texas Portfolio

By Adelina Osan, Associate Editor

Dallas—Hunt Mortgage Group recently financed an eight loan acquisition portfolio with Freddie Mac in Dallas, Fort Worth and Houston. The transaction for the eight properties is worth $118.6 million.

Idlewyld Village

The borrower is a Delaware limited liability company and the loans are all floating rate, seven-year loans amortizing over 30 years, with three-years of interest only.

“Our client is a seasoned industry investor with extensive knowledge of the local market in Texas,” John Beam, managing director of Hunt Mortgage Group, said in prepared remarks. “We were pleased to facilitate the acquisition of these eight properties for this solid investor.”

The eight-property portfolio includes:

• Village Green. Located within the Dallas/Fort Worth MSA, Village Green offers 15 one- and two-story buildings with 277 garden-style apartments, as well as a leasing office. The acquisition loan for this community was $18.8 million.
• Fireside at Eastchase. The 104-unit property features 16 two-story apartment buildings and a one-story clubhouse/leasing office building. Hunt Mortgage Group placed an $11 million loan for this apartment complex.
• Hastings Place. With 10 two- and three-story apartment buildings, this Houston community offers 176 garden-style units, along with an array of amenities, including two swimming pools, playground and BBQ area. An $11.2 million loan was provided for the acquisition of this property.
• Idlewyld Village. For this acquisition, Hunt Mortgage Group provided a $17.4 million loan. The community is located in Dallas and comprises 14 two- and three-story buildings with 228 garden-style apartments. Idlewyld Village was built in 1984 and offers a business center, outdoor swimming pool, a fitness center and a conference room.
• Stirling Court. The 228-unit apartment complex is located in Houston and includes 15 two-story apartment buildings and a one-story clubhouse/leasing office building. An $11.8 million loan was provided for this property.
• Park Place Townhomes. The property consists of 97 townhomes on nearly 10 acres of land. Hunt Mortgage Group placed a $9.9 million loan for this acquisition.
• Ashford Park. The acquisition of this property was facilitated by an $11.8 million loan. Ashford Park comprises 144 multifamily rental units.
• Trinity Apartments. This community, for which Hunt Mortgage provided a $26.5 million loan, offers 496 units and amenities such as a clubhouse, lounge sitting area, fitness center, internet café, a playground area and two laundry centers.

Image courtesy of Idlewyld Village