Hunt Mortgage Closes Refi for 3 Seattle Communities
- Sep 14, 2016
Seattle—Hunt Mortgage Group recently provided three Freddie Mac small balance loans to refinance three buildings in Seattle. The transactions were 5+1 Hybrid ARMs amortized over 30 years with the total funding adding up to $6 million.
Travis Apartments, a six-unit multifamily walk-up property built in 1926 and situated at 325 17th Ave. E., was granted an approximately $1.2 million loan. Sitting on a 0.17-acre lot, the asset consists of a 3-story residential building.
Hunt Mortgage provided a $2.7 million loan to refinance Alta Casa Apartments, a 15-unit multifamily property located at 1645 10th Ave. E. The 3-story building was constructed in 1923 and sits on 0.15 acres.
A roughly $2 million loan was arranged for Castlereach Apartments, a 2-story mixed-use building completed in 1926. The property consists of seven residential units and sits on a 0.14-acre parcel.
The borrowers on the properties are Ted and Thomas Lee, local investors. Robert Regan, owner of Catalyst Commercial Partners and manager of the three buildings, has brought the deal to Hunt Mortgage. Jeffrey Ballaine, VP at Hunt Mortgage, said in prepared remarks that “These properties are in desirable neighborhoods, near a wide variety of commercial uses and transportation services. Local vacancy rates have been consistently strong over the previous five years.”
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