Hunt Mortgage Finances Philadelphia Properties with Small Balance Loan Program
- Jan 08, 2016
New York—Hunt Mortgage Group has financed two multifamily properties in Pennsylvania through its Small Balance Loan program. The total amount was $7.8 million, provided to the same well-known but undisclosed multifamily owner based in Philadelphia.
There are only 10 Small Balance Loan Lenders for the Freddie product nationwide, and Hunt Mortgage Group was one of the first. The program allows for balances up to $5 million.
One of the properties is Washington Square Apartments. The $4.8 million loan will facilitate the acquisition of the community, a mixed-use property in West Chester, Pa. Located at 21 West Washington St., it is a 29-unit garden-style apartment development in one three-story structure. The building also contains six commercial spaces on the ground floor, all of which are currently occupied.
The other property is The Printing House in Philadelphia, a 27-unit apartment community. Hunt Mortgage Group provided a $3 million to refinance the property, which is at 313 Vine St. It consists of one five-story apartment building built in 1899 and renovated in 1999.
According to Bryan Cullen, managing director with Hunt Mortgage Group, the loans are 10-year fixed-rate transactions with 30-year amortization after a three year interest-only period. “The borrower is a seasoned investor with more than 40 years of multifamily real estate experience, but this was his first time using the Freddie Mac program,” he added.