NEW YORK—Hunt Mortgage Group, a commercial realestate lender, has refinanced three Dallas area multifamilyproperties for the same sponsor, Hunt exclusively tellsGlobeSt.com. The total investment was $17.75 million.

|

The properties include:

  • Spanish Meadows Apartments. Hunt provided an$11 million Fannie Mae loan to refinance the multifamily propertylocated in Mesquite. The complex houses 365 units.
  • Courtney Place Apartments. Hunt provided a$2.75 million Fannie Mae loan to refinance the community, locatedin Dallas. Courtney Place Apartments is a 104-unit garden-stylemultifamily property comprised of seven two-story residentialbuildings and a single-story clubhouse. The property was built in1965.
  • Spanish Stone Apartments. Hunt provided a $3.5million Fannie Mae loan to refinance the property, located inGarland. Spanish Stone Apartments is a garden-style multifamilyproperty that is comprised of 12 two-story residential buildingsand a two-story leasing office/maintenance building. The propertywas built in 1959 and has a total of 126 units.

The loans on all three facilities include a 10-year term,30-year amortization period and a 9.5-year yield maintenanceperiod.

|

“The local owner has been very successful at purchasingproperties in some level of distress, substantially rehabbing theproperties and executing his management plan,” SteveCox, managing director at Hunt, told GlobeSt.com. “He hasnot only changed the property economics but helps improve thesurrounding community.”

|

The borrower is a Texas limited partnership that is managed byGage Investments Ltd. Gage is owned byGage Management LLC, a Plano-based limitedliability company.

|

“Gage Management is a repeat Fannie Mae customer and theborrower is a seasoned industry executive with a solid backgroundin commercial real estate investing,” says Cox. “The properties arewell managed and are located in healthy Dallas-Fort Worthsubmarkets. This was a solid deal for Hunt.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.