Hunt Finances 3 Properties Deep in Heart of Texas
- Mar 24, 2017
New York—Hunt Mortgage Group has provided three Fannie Mae loans totaling $62.6 million to enable the acquisition of two Texas multifamily communities and the refinancing of a third. The acquired properties are in Farmers Branch and San Antonio, and the refinanced property is in Houston. All three transactions were undertaken on behalf of the same sponsor, Charlie Yalamanchili and Ilan Investments LLC.
“[The] San Antonio and Las Colinas deals were under application and acquisition financing prior to [the] election. And rates skyrocketed after the election so we had to work closely with the borrower and Fannie Mae to sustain best possible pricing and proceeds,” Hunt Mortgage Group senior managing director and national production leader Vic Clark told MHN.
“We implemented Green Rewards as embraced by our repeat borrower and were able to meet his expectations and close by the tight deadlines and extremely competitive long term fixed rates.”
Portofino at Las Colinas, at 11601 Lago Vista West in Farmers Branch, is a four-story, 224-unit luxury apartment community built in 2006. Amenities include a resort-style swimming pool, spacious courtyard with lounge and grilling areas, 24-hour state-of-the-art fitness center, Club Room Lounge, Internet café, coffee bar and business center. The property also includes an integrated six-level parking garage with 331 spaces.
The loan terms include a 10-year term with one-year interest only, 30-year amortization period and 9.5-year yield maintenance period.
Built in 2000 at 18200 Blanco Springs in northwest San Antonio near the Stone Oak enclave, Vineyard Springs is a luxury garden-style apartment community with 364 units spread across 23 three-story residential buildings. Among the community amenities are a boutique swimming pool with spa, second outdoor swimming pool, outdoor kitchen and cabana with poolside grills, putting green, dog park, clubhouse with 24-hour fitness center, separate yoga/spin studio, clubroom lounge area, adjacent kitchen and theater room with stadium seating. On-site parking totals 546 spaces.
Loan terms include a 10-year term with one-year interest-only, 30-year amortization period and 9.5-year yield maintenance period.
Thorntree Apartments, built in 1979 at 13502 North Thorntree Drive in Houston, is a 224-unit garden-style rental community with 15 two-story buildings. Amenities include an outdoor swimming pool, playground area, outdoor tennis and soccer sport court and two on-site laundry facilities. Parking for 343 vehicles is provided. Loan terms include a 10-year term, 30-year amortization period and 9.5-year yield maintenance period.
All three loans were closed using Fannie Mae’s “Green Rewards” financing program The initiative permitted Hunt Mortgage Group to fund the borrower’s planned energy- and water utility-saving improvements and obtain decreased interest-rate pricing.
“Working with Charlie’s Houston and Austin team was a pleasure, especially as we navigated through a tumultuous time in the market after the election in November,” said Colin Cross, director and head of the Hunt Mortgage Group’s Dallas Originations Team.
“The transactions were successful thanks to Charlie and his experienced team of true professionals. We are thrilled with the executions on such great pieces of real estate and for a great customer.”