Hunt Mortgage Group Refinances Five Multifamily Properties in the Sunshine State
- Apr 01, 2016
Orlando & Miami–Hunt Mortgage Group has provided $35.3 million in Fannie Mae loans to refinance five multifamily communities located in Orlando and Cutler Bay, Fla. The company placed Fannie Mae Multifamily Affordable Housing loans on four of the properties, including Metro Place, Brandywood, Hidden Creek Villas and Calusa Cove and a Fannie Mae market-rate loan on the final property, Bella Lago.
- Developed in two phases in 1998 and 1999, Metro Place, located in Orlando, is a garden-style community that is comprised of 26 two- and three-story buildings with a total of 536 units. Property amenities include two swimming pools, a fitness center and playground. Hunt Mortgage Group provided a 10-year, fixed rate, $18.4 million loan to refinance the property.
- Built in 1985, Brandywood, located in Orlando, is an 88-unit garden-style multifamily community with two additional 1,000-1,100-square-foot rental houses and 100 parking spaces. The firm provided a 10-year, fixed rate, $2.78 million loan for the refinancing of the asset.
- Hidden Creek Villas is a garden-style community comprised of 26 two- and three-story buildings with a total of 304 units. Constructed in 1995 in Orlando, the property offers amenities such as two swimming pools, a community center and playground. Hunt provided a 10-year, fixed rate, $6.35 million loan for the refinancing of Hidden Creek Villas.
- Calusa Cove, located in the Miami metro area in Cutler Bay, was built in 2004 and is a six-story, two-building community. The property has a total of 144 units overlooking a large lake with amenities such as a swimming pool, playground and car care center. Hunt provided a 17-year, fixed rate, $3.8 million loan for this acquisition.
- Bella Lago was constructed in 1989 and was completely renovated with a focus on energy savings and water and sewer conservation, as well as interior unit upgrades. Located in Orlando, the garden-style property is comprised of seven two- story buildings with a total of 156 units, fronting Lake Buchanan. A 10-year, fixed rate, $4.0 million loan was provided for the refinancing of the community.
“Metro Place I & II, Brandywood, Hidden Creek Villas and Calusa Cove are all LIHTC properties that provide over 1,000 units of much needed affordable housing to their local markets. The borrowers are well-known owners and operators with decades of affordable housing experience and with holdings throughout the southeast. We were pleased to provide financing on these quality properties for such a strong sponsor,” said John Beam, managing director at Hunt Mortgage Group.
“The property [Bella Lago] provides demonstrated cost-savings to both tenants and owners. We are excited about the prospect of financing more ‘green’ properties,” added Deborah Proctor, vice president at Hunt Mortgage Group.
Hunt recently secured a $40 million Freddie Mac loan to finance Highpoint on Columbus Commons, a mixed-use upscale community located in downtown Columbus, Ohio, and provided a $25.4 million Fannie Mae loan for the acquisition of Fountains of Katy, a 316-unit multifamily community located in Katy, a city within the Houston-The Woodlands-Sugar Land metro area.