Hunt Obtains $23M Financing for VA and MD Assets
The company provided an acquisition loan for the 176-unit Trellis at Lee’s Mill Apartments in Newport News, Va., as well as a refinancing loan for the 162–unit Hickory Hill Apartments in Frederick, Md.
By Tudor Scolca
Hunt Mortgage Group has provided $22.8 million in financing for two apartment communities, in the states of Virginia and Maryland, for the same sponsor. The two properties comprise 176 and 162 units, and were both subject to recent renovations and improvements by the owner.
“This is the third and fourth deals we have closed recently for this sponsor. The borrowers are seasoned, quality commercial and multifamily real estate investors. We were pleased to partner with them again on these deals,” said Steven Cox, managing director at Hunt Mortgage Group, in a prepared statement.
Trellis at Lee’s Mill Apartments is located at 308 Charles St. in Newport News, Va. The community comprises 148 two-bedroom units and 28 three-bedroom units, ranging in size from 850 to 1,300 square feet. Hunt secured a $10.4 million loan to secure the acquisition of the property. The loan term is for 12 years, with four years of interest-only payments.
Upgrades included exterior repairs, HVAC and heater replacements, new appliances, as well as other interior improvements. The total capital investment dedicated to repairs was more than $500,000.
Hickory Hill Apartments comprises 33 one-bedroom, 96 two-bedroom and 33 three-bedroom units. The community is located at 1445 W. Key Parkway in Frederick, Md. The $12.4 million loan secured by Hunt Mortgage was used to refinance the property. It also has a 12-year term, with five years of interest-only.
The owner improved this property as well, with renovations to the basketball court, balconies and railings, as well as the parking striping. Other common area amenities include a tennis court, clubhouse and a swimming pool.
Hunt Mortgage Group recently worked with Thalhimer Stratford to provide an $8.5 million loan for a community in Williamsburg, Va.
Images courtesy of Yardi Matrix