WILMINGTON, DE—Hunt Mortgage Group secured Fannie Mae financing for the acquisition of two apartments building here. Both loans were structured with 12-year terms, allowing the borrower to include soft costs and fund repairs.
Hunt provided an $8.35 million structure for the acquisition of Limestone Terrace Apartments, a 136-unit apartment building located at 4605 Patrician Terrace Blvd. The property has been secured by a loan facility with 11.5-year yield maintenance period, one year of interest only and 30-year amortization. Limestone Terrace is a garden-style property and is comprised of eight three-story apartment buildings.
The company secured a $9.95 million loan for Mill Creek Village, a 156-unit garden style apartment located at 131 Scarborough Park Drive. The complex consists of seven, three-story apartment buildings that were developed in 1975 with 133,575 square of rentable space.
The properties were purchased via individual LLCs, formed by Lou Reynolds of Wilmington after re-positioning a number of properties in New Jersey. "The loans were what we needed to fund the acquisition and improvements to reposition these assets," Reynolds says in a prepared statement.
The submarket occupancies are above 95%, and there is room to increase the rents with the planned improvements.
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