Hunt Mortgage Arranges $5M for Philadelphia Asset
- Mar 02, 2018
Hunt Mortgage Group has provided a Freddie Mac Small Balance Loan of $5.5 million to finance the acquisition of Reach Loft Apartments, an affordable community in Philadelphia.
The firm arranged for a seven-year fixed rate loan on behalf of MM Equity Partners Philly LLC, which offered a loan term of 84 months, interest only for the first two years, followed by seven years of a 30-year amortization and yield maintenance prepayment schedule.
Located at 1701-1707 Tulip St., the property comprises 30 units across five stories. Apartments are offered in one- and two-bedroom floorplans. Residents have access to features such as in-unit washer/dryers, bike storage and a furnished rooftop deck.
“Reach Loft Apartments was built in 1900 and was originally a baseball making factory. The seller performed a gut renovation in 2015 repurposing the property into a multifamily property at a renovation cost of approximately $3.6 million,” said Harris Heller, managing director at Hunt Mortgage Group. “Reach Loft Apartments is located in the Fishtown section of the city of Philadelphia, approximately 2 miles north of the city’s central business district. The area has seen a renaissance in the past couple of years and the outlook for the neighborhood is positive. We were pleased to provide the financing to secure the acquisition of this unique property.”
Image courtesy of Hunt Mortgage Group