Hunt Mortgage Group Secures Refi for Michigan Community
- Nov 23, 2016
by Evelina Croitoru
Detroit—Hunt Mortgage Group has announced that it has arranged a $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor, Mich.
Located at 600 Hidden Valley Club Drive, the 324-unit community built in 1973 consists of seven two-story buildings featuring 36 studio units, 198 one-bedroom units and 90 two-bedroom apartments. Property amenities include a pool, clubhouse fitness center racquetball court, table tennis area, tennis court, sand volleyball court and 380 parking stalls. According to Yardi Matrix data, the property is 96.6 percent occupied.
“In 2016, the borrower performed upgrades and to date 20 apartments have been renovated. Additional units will be improved during tenant turnover. We were pleased to deliver this loan to a quality sponsor,” Josh Messier, vice president with Hunt Mortgage Group, said.
According to Yardi Matrix, Michigan-based Wickfield Properties is the borrower. The loan terms include a 30-year term, five-years interest-only with a 30 year amortization period, and a 15-year yield maintenance period.
Image courtesy of Yardi Matrix