Hunt Secures Fannie Mae Loan for TX Portfolio
- Nov 14, 2017
Hunt Mortgage Group has provided non-recourse bridge and permanent Fannie Mae loans to finance three Houston apartment communities, on behalf of sponsors Charlie Yalamanchili and Ilan Investments LLC.
“The sponsor is a premier commercial real estate and multifamily investor and is also a repeat Hunt Mortgage Group and Fannie Mae client,” said Colin Cross, director & head of the Dallas Originations Team at Hunt Mortgage Group, in a prepared statement. “We have partnered with Charlie Yalamanchili on a number of deals over the past couple of years—including several others in the Houston MSA—and were very pleased to partner with him again to secure the financing he needed for these three great pieces of real estate.”
The portfolio includes:
- Ravello at Tuscan Lakes, a 244-unit garden-style multifamily complex located at 1750 East League City Parkway in League City, Texas. The loan includes a $150,000 capital improvement reserve for exterior renovations. Featuring 11 two and three-story buildings, a single-story leasing office/clubhouse and a single-story cabana, the community is situated on an 11.9-acre site. Amenities include a swimming pool with tanning deck, a hot tub, a cabana with BBQ grills, an outdoor lounge with fire pit and a dogpark. The loan is structured as a 24-month floating-rate loan with two six-month extension options.
- Breton Mill, a 392-unit, garden-style apartment community located at 13555 Breton Ridge St., in the Champions/Willowbrook submarket on the northwest side of the Houston–Woodlands–Sugar Land MSA, comprises 21 two- and three-story residential buildings and a single-story leasing office/clubhouse. Amenities include a fitness center, free Wi-Fi, a café and an outdoor pool. The Fannie Mae loan has a ten-year term with four years of interest-only payments, a 30-year amortization period and a 9.5-year yield maintenance period.
- Champion Oaks, 252-unit, garden-style apartment community located at 14150 Wunderlich Drive in the Champions/Willowbrook submarket, comprises 20 two- and three-story residential buildings and a single-story leasing office/clubhouse building. Amenities include a fitness center, tennis court and outdoor pool. The Fannie Mae loan featured a 10-year term with five years of interest-only payments, a 30-year amortization period and a 9.5-year yield maintenance period.
Fannie Mae’s “Green Rewards” program facilitated the refinancing of Breton Mill and Champion Oaks, allowing Hunt Mortgage Group to fund the sponsor’s planned energy- and water-saving improvements and obtain better pricing at a lower interest rate.
Photos courtesy of Yardi Matrix