:

NEW YORK--Hunt Mortgage Group, a commercial real estate lender, has announced that it has provided a $6.1 million Fannie Mae tier 2 cash out refinance for a multifamily property located in Madison, Alabama.

Built in 2001, Abby Glenn Apartments is a garden-style apartment community located at l180 West Dublin Drive.  It is comprised of 11 one-story apartment buildings containing 119 units and one auxiliary building. The borrower is Dublin I Investment LLC and the key principal is Steven E. Gouletas.

"We looked hard at Freddie Mac and FHA options,” Gouletas told GlobeSt.com. “But with the number of furnished units and for the short-term, Fannie Mae remained the best alternative."

The loan term is ten years, with principal amortizing over a 30-year schedule, and a 9.5-year yield maintenance period. Proceeds from the loan will be used to acquire additional multifamily investments.

“We arranged the acquisition financing for the borrower in 2008 and evolving credit standards required a restructuring of the partnership and an additional key principal to maximize the loan amount,” says Bryan Cullen, managing director with Hunt Mortgage Group.

Abby Glenn is currently 94.96 percent occupied. In addition, the local employment sector in Madison is dominated by the NASA Marshall Space Flight Center & Army's Redstone Arsenal in addition to many nearby companies specializing in defense contracting and the aerospace engineering industries.

“These factors, combined with the solid underlying real estate fundamentals, made this an attractive deal for Hunt Mortgage Group,” says Cullen.

Abby Glenn is situated on a 10 acre parcel of land. Property amenities include a swimming pool, a shared laundry facility, leasing office, and 192 open parking spaces.
The Hunt deal team included Cullen and Jake Kressner.

“We used Bryan Cullen and the Fannie Mae DUS Program seven years ago when we purchased the property. We were interested in investigating different financing options but in the end settled on Fannie Mae again for the low fixed rate and the 75 percent LTV,” Gouletas says.