Hunt Mortgage Closes Refis for TX Portfolio
- Apr 28, 2017
Hunt Mortgage Group recently provided two Fannie Mae and two Freddie Mac loans to a private owner to refinance four communities in the Dallas MSA. Combined, the loans total $36.7 million. Quantum Capital Partners provided mortgage banking services to the borrower.
The company closed a $21 million loan for Glenshire Villas, a 484-unit garden-style community offering one-, two- and three-bedroom apartments. Located at 12222 Quail Drive in Balch Springs, the 89-building, two-story asset features such amenities as clubhouse, playground, three swimming pools and 800 parking spaces. According to data collected by Yardi Matrix, rents start at a monthly $681 and go up to $1,112. The private owner acquired the property in 2007 for $20 million.
Hunt also provided a $7.5 million loan for Richard Village, a 13-building, two-story, 216-unit community in Dallas. Located at 9999 Walnut St., the property offers studios, one- and two-bedroom apartments. Amenities at Richard Village include a fitness center, clubhouse, tennis court, swimming pool and more than 200 parking spots. Wingate Cos. sold the asset in 2007 for approximately $5.5 million.
The 10-year term, five-year interest only Fannie Mae loans backed by the two communities have a 30-year amortization schedule.
Located at 10110 Walnut St. in Dallas, Briarwyck Apartments is a nine-building, two-story, 112-unit community. It offers one- and two-bedroom apartments and features a clubhouse, two swimming pools and 300 parking spaces. Rents at Briarwyck start at $743 per month and go as high as $975 per month. Hunt Mortgage provided a $4.3 million loan to refinance the property and pay off maturing, securitized financing.
The company also provided a $3.9 million loan for Garden Plaza Apartments, located at 2701 W. Pioneer Drive in Irving. The 102-unit community features one-, two- and three-bedroom apartments, a playground and a swimming pool. The 16-building property also offers more than 150 parking spaces.
Both Freddie Mac loans include deferred collection of replacement reserves, repairs, and insurance escrows.
“These are fully occupied workforce housing properties and the neighborhoods have experienced recent positive growth,” Larry Wilemon, vice president at Hunt Mortgage Group, said in a prepared statement.
Images courtesy of Yardi Matrix