Hunt Mortgage Provides Refi for LA-Area Community
- Feb 09, 2018
Hunt Mortgage Group has arranged a Freddie Mac Small Balance loan of $5.2 million for the refinancing of an existing debt for Candlewood Apartments, a 43-unit affordable community in Whittier, Calif.
The borrower is The Highlander Group, a limited partnership backed by William and Shelly Suh. The 20-year loan includes a fixed rate during the first five years and a floating rate for the remaining 15 years, followed by a 30-year amortization schedule.
Located at 11500 Colima Road, Candlewood Apartments offers access to Interstate 5, with downtown Los Angeles being within a 25-minute drive. The property consists of one front single-story building which provides gated access to the community, as well as three two-story buildings. The asset also features 63 parking spaces. Tenants with Section 8 vouchers currently occupy 12 units.
“The new loan will be used to pay off the existing lender and will yield cash-out proceeds to perform minor deferred maintenance, reinvest in additional on-site capital improvements and for the acquisition of other income-producing assets. The borrower is an experienced multifamily investor that has successfully owned and operated the property since acquisition in October 2014,” Hunt Mortgage Group Director Mark Besharaty said in prepared remarks.
Earlier this week, Hunt Mortgage Group refinanced a portfolio of five New Jersey multifamily properties.
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