Hunt Mortgage Closes Loan Under Freddie Mac’s Small Loans Program
- Mar 16, 2015
New York—Hunt Mortgage Group, a commercial real estate lender, announced that it has provided a $3.8 million Freddie Mac conventional loan to refinance a multifamily property located in Los Angeles. This is Hunt’s first loan closed under the new Freddie Mac Small Balance Loan Program.
The property is located in the Wilshire/Westlake submarket of Los Angeles and consists of 23 apartment units contained in two contiguous buildings. One of the buildings is a four-story residential structure containing 18 units and the second building is a converted single-family home containing five units. The property is located in a primarily residential area in close proximity to retail and recreational facilities.
The deal was brought to Hunt by Brett Twente of Sequoia Commercial Lending Inc. The loan is fixed for five years and floating for 15 years with five years of interest only.
The sponsors have spent over $150,000 in capital improvements over the last three years to keep the property in good condition.
Largo obtains financing for manufactured housing communities
Buffalo, N.Y.—Jack Phillips, principal, and Brett Wymer, account executive, of the Largo Group of Cos. secured a total of $33 million in financing for six manufactured housing communities situated throughout the northeast.
Phillips arranged $16.65 million in financing for four manufactured housing communities totaling 565 pads.
The first property is a 260 pad, four star park located in Raleigh, N.C. The project is situated two miles outside of the Interstate 440 loop with immediate access to numerous area amenities. The 80-acre development includes playgrounds and walking paths, as well as lakes and ponds. Phillips secured a five-year, fixed rate permanent first mortgage with 30-year amortization.
The second property is a 103 pad manufactured housing community located just outside of Ithaca, N.Y., not far from Ithaca College and Cornell University. Phillips arranged a 10-year, fixed rate, permanent first mortgage with 30-year amortization for this property.
Additionally, Phillips secured a 10-year, fixed rate permanent first mortgage with 30-year amortization for two manufactured housing communities totaling 202 pads. The two properties are located in Delaware (Chesapeake Bay area) and Upstate NY (Rochester).