Hunt Mortgage Group Lends a Hand to Local Florida Investors
- Dec 20, 2016
Orlando—New York-based Hunt Mortgage Group recently announced that the company has provided $5.8 million in financing for three multifamily properties near Jacksonville, Fla., Orlando and Miami.
The company arranged a $3.5 million Freddie Mac loan for the acquisition of Eastwood Oaks Apartments, a 104-unit multifamily community located in Hilliard, Fla. The borrower is a Florida-based LLC. According to Marc Suarez, director at Hunt Mortgage Group, the property was built in 1974 and the seller invested more than $300,000 over the past three years in improvements, such as exterior painting, AC equipment, full window replacement, full wood stair and decking replacement, as well as asphalt repairs and the addition of 12 parking spaces.
Beachside Apartments is a 28-unit multifamily property comprising two two- and three-story apartment buildings located in Daytona Beach, Fla. Hunt Mortgage Group provided a $1.3 million Fannie Mae acquisition loan to the borrower, a South Florida-based sponsor. The payments will be based on a 30-year amortization schedule with a five-year interest-only period. Being in close proximity to the Atlantic Ocean and near numerous restaurants, the community has good occupancy rates. “It is 100 percent occupied and has maintained an average occupancy rate of 97 percent over the past 12 months,” said Suarez.
521 NW 35th Court Apartments is the third Florida property located in Pompano Beach, Fla. Hunt Mortgage Group provided a Freddie Mac loan totaling $1 million to an undisclosed Florida LLC, which owns numerous properties in South Florida. The loan has a five-year term, amortizing over 30 years and the borrower is backed by a Sweden-based foreign principal. Built in 1969, the 19-unit multifamily community is 40 miles north of Miami and consists of a two-story building.
“All three properties are performing well and are located in quality markets,” said Suarez in a prepared statement. “The borrowers are all experienced local commercial real estate and multifamily investors with multiple interests in the Florida market,” he added.
Photo via Eastwood Oaks Apartments website and Hunt Mortgage Group