Hunt Mortgage Lines Up Financing for 4 Assets
The firm worked on behalf of the sponsor to provide loans totaling $12.2 million Freddie Mac financing for the portfolio.
Seattle and Burrien, Wash.—Hunt Mortgage Group has provided $12.2 million Freddie Mac financing for four multifamily properties. The firm worked on behalf of a Washington borrower backed by key principals and husband and wife, Isamu and Gloria Kawabori. The portfolio was sourced by Glenn Gioseffi, vice president & partner at Kidder Mathews.
The communities are all located in the Seattle–Tacoma–Bellevue MSA, within the North Seattle/Puget Sound regional market and include:
- Roosevelt Apartments, a 15-unit property consisting of two buildings with ground level parking garage over which there are two- to three-residential stories. Hunt provided nearly $2 million loan for the refinancing of the community, which is located in Seattle;
- Le Chateau Apartments, a 36-uit property located in Burien, Wash., for which Hunt provided a $2.5 million loan. The borrower acquired the community in 1995 and completed approximately $15,000 in improvements in 2016;
- Mona Lisa Apartments, a 15-unit residential property located in Seattle for which Hunt provided a $3.1 million loan. In the last two years, the borrower invested more than $47,000 to improve the property;
- Hunt also provided a $4.6 million loan for Forest View Apartments, a 48-unit residential property located in Burien, Wash. The borrower acquired the property back in 2000 and spent roughly $40,000 on upgrades in 2016.
The transactions are all a 5/1 Hybrid ARM, a 20-year ARM loan with the first five years fixed with one-year of interest-only and a 30-year amortization.
Image courtesy of Hunt Mortgage Group