By Adelina Osan, Associate Editor
Katy, Texas—Hunt Mortgage Group recently provided a $25.4 million Fannie Mae loan for the acquisition of a 316-unit multifamily community located in Katy, a city within the Houston-The Woodlands-Sugar Land metro area.
Located at 1007 S Mason Road, Fountains of Katy is a garden-style property which offers 32 two-story apartment buildings with one-, two- and three-bedroom floorplans. The community offers a range of amenities such as two swimming pools, a hot tub, BBQ area, sportsplex/fitness center and 476 parking spaces.
The borrower is Fountains at Katy LLC backed by key principal Joseph Lubeck, a repeat borrower. The transaction is structured with a floating rate 10-year term with lockout for one year, 1 percent fixed prepayment and 30-year amortization with four years interest only.
“Fountains at Katy is located in the Houston-Woodlands-Sugar Land MSA, a growing market that consistently supports the demand for multifamily housing,” said John Beam, managing director at Hunt Mortgage Group, in prepared remarks. “This is one of the first Fannie moderate rehabilitation loans we have done with a structured ARM that offers the borrower maximum loan dollars on a rehabilitated basis and the flexibility of a low fixed prepayment. The borrower was very pleased with the execution.”
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