Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
EU Signals Major Shift on 2035 Combustion Engine Ban Amid Auto Industry Pressure 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
NEW YORK, Nov. 07, 2016 -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it facilitated the acquisition of a multifamily portfolio located in Tampa, Florida. The total loan amount provided is $26.8 million.
The Tampa 652 Portfolio is a four property, 652 unit portfolio of garden-style multifamily assets. The loan amount includes a $5.2 million capital expenditure holdback that will be used for the property renovation and improvement. The loan is structured as a two-year floating rate loan with two options to extend the term for periods of six months each.
“The borrower is a repeat Hunt Mortgage Group client who has closed seven loans with us, all of which are properties in Central Florida,” explained Steven Cox, Managing Director at Hunt Mortgage Group. “The sponsor has deep local market knowledge and has been developing, managing, contracting and investing in real estate assets for more than 35 years.”
The properties include:
- Puritan Place Apartments. Puritan Place Apartments was built in 1974 and is located at 7903 Holly Lea Court. The property is a 232-unit, apartment complex comprised of 32, two-story buildings. Project amenities include: a leasing office, two swimming pools, three laundry rooms, a tennis court, and a playground. Upon renovation, the sports court and playground will be brought back to working order. The pools and deck areas will also be upgraded at that time.
- Rivertree Landing Apartments. Located at 6909 Indian River Drive, Rivertree Landing Apartments was built in 1974 and is a 228-unit apartment complex comprised of 18, two-story buildings. Project amenities include: a clubhouse, swimming pool, two laundry rooms, and dock access to the Hillsborough River.
- Laurel Chase Apartments. Laurel Chase Apartments was built in phases between 1967, 1968 and 1972, and is located at 1426 Marathon Key Drive. It is a 122-unit, multifamily complex comprised of nine, two-story buildings. Property amenities include: a clubhouse, swimming pool, and laundry room. Upon renovation, the clubhouse will be renovated, including the addition of an outdoor poolside kitchen.
- Palm River Apartments. Constructed in 1986, Palm River Apartments is a 70-unit, apartment complex comprised of 18, one- and two-story buildings. Project amenities include a leasing office and playground. Upon renovation, the leasing office will be renovated and the entrance expanded by 100 square feet. The perimeter of the property will receive new privacy fencing and the existing vacant sports court will be refinished and upgraded.
“The company acquiring these properties has extensive experience with the purchase and turnaround of underperforming multifamily assets and currently owns 18 multifamily properties including 1,115 multifamily units,” added Cox. “All of these properties are currently undergoing full renovation, repositioning, and rebranding. We were pleased to deliver these loans to this quality sponsor and look forward to seeing their turnaround success in action again.”
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, hospitality, 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 $20 billion of loans and today maintains a servicing portfolio of more than $11.6 billion. Headquartered in New York City, Hunt Mortgage Group has 169 employees located in 19 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.
MEDIA CONTACTS Brent Feigenbaum Hunt Mortgage Group 212-317-5730 [email protected] Pam Flores 773-218-9260 [email protected]
