MA Multifamily Property Lands $24M Refi

Hunt Mortgage Group has provided a $23.5 million refinancing loan for South Coast Landings, a 240-unit multifamily property, located 18 miles southeast of Providence, R.I.
South Coast Landings
South Coast Landings – Fall River, Mass.

Hunt Mortgage Group has recently provided a conventional Fannie Mae loan facility and mezzanine loan for the refinancing of South Coast Landings, a multifamily community in Fall River, Mass. South Coast Landings LLC, a Massachusetts limited liability company, was the borrower.

The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 million, and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest‐only payments and a 12‐year maturity. The $1 million mezzanine loan has a coterminous maturity with the senior loan at 12 years.

“The combined loan proceeds will be used to refinance the existing debt and to fund various ‘green’ initiatives on site,” said Steven Cox, managing director at Hunt Mortgage Group, in a prepared statement.

Capital Improvements

Fall River is located approximately 18 miles southeast of Providence, R.I., and 52 miles south of Boston. South Coast Landings is located on a 17-acre site, in close proximity to the Taunton River and Fall River Country Club. The 1974-built community includes eight, two-story buildings and a clubhouse, totaling 240 units.

Common amenities include a swimming pool, barbecue/picnic area, tennis courts, playground, a common laundry room in each residential building and a clubhouse with a fitness center. The owner made capital improvements to the property from 2014-2016, including replacing the entire property’s asphalt, resurfacing the tennis courts into a full basketball court, upgrading the playground and adding a dog park.

In November, Hunt Mortgage Group secured $4.1 million Fannie Mae loans for the refinancing of two Florida affordable housing communities. 

Image courtesy of Yardi Matrix