Hunt Mortgage Secures $4M for AZ Assets
- Jan 22, 2018
Hunt Mortgage has provided $4.4 million in financing for the acquisition of two adjacent apartment communities in Tucson, Ariz. The funds were obtained through Freddie Mac’s Small Balance Loan program, featuring a 10-year, fixed-rate loan with 24 months of interest only and a 30-year amortization period. Hunt obtained the funds on behalf of RGCD Investments, an LLC backed by Principal Ken Motz of Motz Equity Group.
The two properties, Rosemont Gardens and Casa de Oro, comprise 158 units with a mix of one- and two-bedroom floorplans. They range in size from 487 to 665 square feet. The apartment communities are located at 5121 and 5171 E. 29th St. and have a combined size of 190,512 square feet. The two-story buildings are equipped with laundry facilities and other common amenities such as three swimming pools, a playground, basketball court and a seating area with pergola.
“Ken built his own portfolio while working at Citi Private Bank in Manhattan for more than 16 years and has been syndicating deals with HNW investors since leaving Citi in 2011. We were pleased to partner with Ken on this deal and look forward to working with him in the future,” said Penny Bradbury, vice president at Hunt Mortgage Group, in a prepared statement.
The properties are situated near Davis-Monthan Air Force Base and Tucson International Airport. The residential neighborhood features shopping and dining destinations along E. 22nd Street. Several elementary, K-8 and middle schools are in the vicinity, while the University of Arizona is about 11 minutes away.
Earlier this month, Hunt Mortgage Group provided a $7.6 million conventional Fannie Mae loan to finance the acquisition of a 202-unit multifamily property in Columbus, Ohio.
Image courtesy of Yardi Matrix