Hunt Mortgage Secures $2M Refi of Age-Restricted Property
- Feb 02, 2018
Hunt Mortgage Group has arranged a $1.8 million Freddie Mac Small Balance Loan for Leisure Villa Apartments in Boise, Idaho. The 10-year, fixed-rate loan has a 30-year amortization period and a yield maintenance prepayment.
“The long-term ownership of this property and the solid economics of the transaction provided a great opportunity for Freddie Mac to bring its Small Balance Loan program to a target market that is facing a shortage of workforce housing,” said Russ Dines, senior producer at Freddie Mac Multifamily, in a prepared statement.
The 57-unit property, located at 3003 N. Overlook Road, was built in 1973 and expanded in 2000. Situated on a 3-acre parcel, Leisure Villa includes four apartment buildings and a clubhouse. According to Yardi Matrix, the community features 25 one-bedroom and 32 two-bedroom units, available for tenants age 55 and older.
The asset is situated west of central Boise, providing easy access to U.S. Route 26 and interstates 184 and 84. Winstead Park is a 10-minute walk away, while Boise Towne Square retail center is within a 10-minute drive of the property.
The property’s owner has managed Leisure Villa for more than 12 years, and has owned and operated multifamily properties in the Boise area for more than 40 years, according to Chris Warren, vice president at Hunt Mortgage Group.
In another recent deal, Hunt Mortgage arranged a $4.4 million Freddie Mac Small Balance Loan for two communities in Tuscon, Ariz.
Image courtesy of Yardi Matrix