In Three Years, Three Loans for Multifamily Asset

DALLAS—Within three years, a bridge loan was initially used to purchase a multifamily property, equity was recouped with a Fannie Mae adjustable-rate mortgage last year and then due to a dramatic operational improvement, the loan amount was recently increased yet again. All of this occurred at Magnolia Creek Apartments, which is on 144 acres located at 7272 Marvin D. Love Fwy.

The garden-style multifamily complex built in 1988 is comprised of 28 three-story residential buildings plus a single-story clubhouse/leasing office building with a total of 436 units. The property has four floorplans, including an efficiency unit, one-bedroom, two-bedroom and three-bedroom units.

Hunt Mortgage Group recently provided the recent Fannie Mae delegated underwriting and servicing loan in the amount of $18 million to refinance the multifamily property. The borrower is IRG MDL LLC, a Delaware limited liability company and SPE, backed by key principal, Elliott Aronson. The terms of the 7/6 ARM loan include a seven-year term, 30-year amortization and prepayment permitted with 1% premium after a one-year lockout period.

“This is the third loan in three years for Mr. Aronson on this asset. He purchased it using a bridge from our proprietary lending group, recouped some equity with a Fannie Mae ARM last year and then operational improvement was so dramatic we were able to increase the loan amount yet again,” says Bryan Cullen, managing director with Hunt Mortgage Group. “We were able to waive the typical 1% prepayment penalty as the loan was staying with Hunt Mortgage Group and Fannie Mae.”

Parking at Magnolia Creek is furnished via 644 spaces. Project amenities include a common laundry facility, a leasing office with lounge and fitness center, outdoor swimming pool and two playgrounds.

“During the past three years, the property owner has invested over $1.9 million in capital improvements, including various systems repairs, unit turnovers, site paving repairs, landscaping improvements and exterior repainting,” Cullen tells GlobeSt.com. “Sal Torre and his team at Estreich as brokers on the deal again proved to be strong advocates for their client and effective facilitators of the process. We anticipate additional opportunities in the near future with Elliott and Sal.”

DALLAS—Within three years, a bridge loan was initially used to purchase a multifamily property, equity was recouped with a Fannie Mae adjustable-rate mortgage last year and then due to a dramatic operational improvement, the loan amount was recently increased yet again. All of this occurred at Magnolia Creek Apartments, which is on 144 acres located at 7272 Marvin D. Love Fwy.

The garden-style multifamily complex built in 1988 is comprised of 28 three-story residential buildings plus a single-story clubhouse/leasing office building with a total of 436 units. The property has four floorplans, including an efficiency unit, one-bedroom, two-bedroom and three-bedroom units.

Hunt Mortgage Group recently provided the recent Fannie Mae delegated underwriting and servicing loan in the amount of $18 million to refinance the multifamily property. The borrower is IRG MDL LLC, a Delaware limited liability company and SPE, backed by key principal, Elliott Aronson. The terms of the 7/6 ARM loan include a seven-year term, 30-year amortization and prepayment permitted with 1% premium after a one-year lockout period.

“This is the third loan in three years for Mr. Aronson on this asset. He purchased it using a bridge from our proprietary lending group, recouped some equity with a Fannie Mae ARM last year and then operational improvement was so dramatic we were able to increase the loan amount yet again,” says Bryan Cullen, managing director with Hunt Mortgage Group. “We were able to waive the typical 1% prepayment penalty as the loan was staying with Hunt Mortgage Group and Fannie Mae.”

Parking at Magnolia Creek is furnished via 644 spaces. Project amenities include a common laundry facility, a leasing office with lounge and fitness center, outdoor swimming pool and two playgrounds.

“During the past three years, the property owner has invested over $1.9 million in capital improvements, including various systems repairs, unit turnovers, site paving repairs, landscaping improvements and exterior repainting,” Cullen tells GlobeSt.com. “Sal Torre and his team at Estreich as brokers on the deal again proved to be strong advocates for their client and effective facilitators of the process. We anticipate additional opportunities in the near future with Elliott and Sal.”