By Robert Demeter
Atlanta–Commercial real estate financing company Hunt Mortgage Group recently announced that it provided funding to facilitate the acquisition of two multifamily properties located in Florida. The deals include Casa Corsicana Apartments and Pembroke Apartments, and funding for the two Freddie Mac small balance loans totaled $5.4 million.
Hunt Mortgage Group provided a $3.9 million loan for the acquisition of Casa Corsicana Apartments, a 53-unit residential property located in Seminole, Fla. The transaction is a seven-year fixed rate term with two years interest and a 30-year amortization with a step-down prepayment schedule.
Casa Corsicana was constructed in 1973 and is comprised of six single-story buildings situated on 3.85 acres of land. Apartment amenities include 9-foot ceilings, electric kitchens, tile floors with an addition of two playgrounds and a patio area as well as 83 parking spaces. The borrower is Casa Corsicana LLC., backed by the Kula Family Revocable Trust.
Pembroke Apartments is a 24-unit residential property located in Pembroke Pines, Florida, for which Hunt Mortgage Group provided a $1.5 million loan to facilitate the acquisition. The transaction structure is a five-year Hybrid Arm with one year interest and a 30-year amortization with a stepdown prepayment schedule.
Pembroke Apartments was constructed in 1966 and is comprised of three two-story buildings situated on 0.63 acres of land. The property includes a laundry facility as well as 33 open surface parking spaces. The borrower is Sunny Investments FL IV, LLC., backed by Boris Ovrutsky, a seasoned real estate investor.
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., headquartered in New York City, comprised of 153 employees located in 16 locations throughout the United States. The company finances all types of commercial real estate from multifamily properties (including small balance) to affordable housing, office, retail, healthcare/senior living, hospitality and industrial facilities.