Hunt Invests in Charm City Multifamily
- Oct 14, 2015
Hunt Mortgage Group of New York City is helping out a Maryland LLC and single asset entity. The company recently provided three Fannie Mae loans totaling $3.2 million for the refinancing of three Baltimore multifamily properties. Hunt arranged a ten-year term with a seven-year yield maintenance period and 30-year amortization schedule, for the following properties:
- Paul 1 – A four-story, five-unit apartment building constructed in 1920. Renovated in 2013, the property offers one-, two- and three-bedroom apartments and is currently 100 percent occupied;
- Paul 2 – A four-story, eight-unit apartment asset developed in 1860. Renovated two years ago, after the borrower purchased the property, it consists of two studio units and six one-bedroom apartments. The building is fully occupied;
- Mount Royal – A six-story, 21-unit apartment building developed in 1907. The asset was renovated in 2011 and offers residents one-, two-, and three-bedroom units. Located in the Mount Royal Terrace Historic District, the property is currently 90 percent occupied.
“The borrowers are seasoned executives with solid experience in real estate investment, development, construction and management,” Bryan Cullen, managing director with Hunt Mortgage Group, said in a statement. “The properties are all older, but have been recently renovated and are well maintained. We were pleased to provide and close concurrently on all three of these Fannie Mae loans.”
Image courtesy of Bryan Cullen via LinkedIn