By Anca Gagiuc, Associate Editor
Wichita, Kan.—Windemere at Tallgrass I, a multifamily property located in Wichita, Kan., has been refinanced through a $10.2 million Fannie Mae loan. The loan provider is the financial commercial real estate firm Hunt Mortgage Group.
The borrower is Windemere Development Inc., backed by Carolyn Gaddis and the Gaddis family. The loan is defined as a fully amortizing 30-year term and a 15-year yield maintenance period at a 5 percent interest rate. The property was originally built in 1991 by the Gaddis family and has under their management for nearly 24 years.
“I first refinanced this for the Gaddis family in 2006 and then later provided them with a supplemental loan. This past spring they recognized that it would be better to rate lock and close with a prepayment penalty than wait for a 2016 maturity,” stated Bryan Cullen, managing director with Hunt Mortgage Group. “The loan was locked in April before a Fannie Mae rate increase and we funded the last day of August.”
Windemere at Tallgrass I is part of a two-phase multifamily community located at 8220 East Oxford Circle. Combined, the complex encompasses 280 units: 204 in the first phase and 76 units in the second phase. The property sits on 12 acres and includes 13 two- and three-story garden-style apartment buildings. Floor plans include 98 one-bedroom, one-bathroom units; four one-bedroom, one-and-a-half bathroom apartments; 93 two-bedroom, two-bathroom units; and nine two-bedroom, two-and-a-half bathroom townhouse units with attached garages.
“I have worked with Bryan since 2006. We spent the last couple of years trying to figure out the best timing. Hunt Mortgage Group was able to get me an early rate lock commitment and fully amortize our loan to fit our long-term plans,” said Doug Gaddis.
Image courtesy of Windemere at Tallgrass