Hunt Mortgage Group Facilitates Refi of Strategic Texas Portfolio
The bridge loan will be used to refinance a 920-unit multifamily portfolio.
Multifamily community in Temple, Texas
New York and Texas—Hunt Mortgage Group has provided a $33.8 million bridge loan for the refinancing of a multifamily portfolio located throughout Texas.
The Strategic Texas Portfolio comprises five communities with a total of 920 garden-style apartment units.
The loans range in size from $4.5 million to $9.5 million and are structured with an 18-month term, with the possibility of three- or six-month extensions.
Paul Angle, managing director at Hunt Mortgage Group, stated that the undisclosed borrower has a long track record of successful value-add projects, currently managing a multifamily portfolio of more than 32 properties throughout California and Texas.
“The borrowers are seasoned commercial real estate investors who are also repeat Hunt Mortgage Group clients”, said Angle in a prepared statement. “They purchased these five properties as part of a larger 22‐property multifamily portfolio in an off‐market transaction that closed in 2014.”
Image courtesy of Hunt Mortgage Group
