NEW YORK, Oct. 17, 2017 /PRNewswire/ -- Hunt Mortgage
Group, a leader in financing commercial real estate throughout
the United States, announced today
it provided a Fannie Mae DUS loan in the amount of $18 million to refinance a multifamily property
located in Dallas, Texas.
Magnolia Creek Apartments is a garden-style multifamily complex
comprised of 28, three-story residential buildings plus a
single-story clubhouse/leasing office building with a total of 436
units.
The Borrower is IRG MDL LLC, a Delaware limited liability company and SPE,
backed by Elliott Aronson, key
principal. 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," commented 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."
Magnolia Creek Apartments was built in 1988, is situated on 14.4
acres of land, and is located at 7272 Marvin D. Love Freeway.
The property hosts four floor plans, including an efficiency unit,
one-bedroom, two-bedroom and three-bedroom units. Parking 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.
"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," added
Cullen. "We anticipate additional opportunities in the near future
with Elliott and Sal."
Over the past 3 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.
Magnolia Creek Apartments is located in southwest Dallas, within the Dallas-Fort Worth
Consolidated Metropolitan Statistical Area. The property is
situated 12.2 miles southwest of Dallas and 29.3 miles southeast of the
Dallas-Fort Worth International
Airport.
About Hunt Mortgage Group
Hunt Mortgage Group, a
wholly owned subsidiary of Hunt Companies, Inc., is a leader in
financing commercial real estate throughout the United States. The Company finances all
types of commercial real estate: multifamily properties (including
small balance), affordable housing, office, retail, manufactured
housing, healthcare/senior living, industrial, and self-storage
facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition
to its own Proprietary loan products. Since inception, the Company
has structured more than $21 billion
of loans and today maintains a servicing portfolio of more than
$12.5 billion. Headquartered in
New York City, Hunt Mortgage Group
has 198 professionals in 24 locations throughout the United States. To learn more, visit
www.huntmortgagegroup.com.
MEDIA CONTACTS
Brent Feigenbaum
Hunt Mortgage Group
212-317-5730
Brent.Feigenbaum@huntcompanies.com
Pam Flores
773-218-9260
pamflo@ameritech.net
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SOURCE Hunt Mortgage Group