Hunt Mortgage Group Provides $5M Refinance Loan for Casa Place Apartments in Dallas
- Apr 13, 2016
Dallas—Hunt Mortgage Group recently provided a $5 million Fannie Mae loan to refinance a 194-unit multifamily community in Dallas. The borrower, St. James Redevelopment Ltd., acquired Casa Place Apartments in 2004 and has invested significant funding to extensively renovate the property. The loan terms include a 10-year term, 25-year amortization period, and a 9.5 year yield maintenance period.
Located at 3303 Chapel Creek Drive, Casa Place Apartments features studio, one-, two- and three-bedroom floorplans with unit sizes ranging between 490 and 1,116 square feet. The property consists of 17 two-story apartment buildings totaling 164,177 square feet of net rentable space. According to Yardi Matrix, rents range between $600 and $1,130. Community amenities at Casa Place Apartments include laundry facilities, high-speed internet access, a one-story leasing office and 294 parking spaces.
“The borrower is a repeat Hunt Mortgage Group and Fannie Mae customer,” said Steven Cox, managing director at Hunt Mortgage Group, in prepared remarks. “Casa Place is performing well and in excellent condition due to the recently completely renovation. We were pleased to refinance this quality property for such a strong repeat sponsor.”
Image courtesy of Yardi Matrix