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NEW YORK, Feb. 20, 2017 -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided Freddie Mac financing in the amount of $12.15 million to finance four multifamily properties located in Washington state for the same borrower. The portfolio was sourced by Glenn Gioseffi, Vice President – Partner at Kidder Mathews.
“The proceeds from this loan will be used to pay off the existing debt on one property and will also be used to buy out all of the interest held in the subject and three other properties,” explained Sergey Klimov, Vice President at Hunt Mortgage Group. “This loan and the simultaneous refinances are this borrower's first transactions with Freddie Mac and Hunt Mortgage Group.”
The borrower is a Washington Limited Liability Company, backed by key principals and husband and wife, Isamu and Gloria Kawabori. The properties include:
- Roosevelt Apartments. Roosevelt Apartments is a 15-unit multifamily property that consists of two walk-up buildings with ground level parking garage over which there are two- to three-residential stories. Hunt Mortgage Group provided a loan in the amount of $1.95 million to refinance this property. The borrower invested in property improvements at Roosevelt Apartment in 2015 and 2016. Upgrades included sprinkler replacement, deck repairs, exterior maintenance and landscaping. The property is located in Seattle, Washington.
- Le Chateau Apartments. Hunt Mortgage Group provided a $2.5 million loan facility for Le Chateau Apartments, a 36-unit property located in Burien, Washington. The borrower acquired the property in 1995 and completed approximately $15,000 in improvements in 2016. This included upgrading appliances, carpet and tile floors, plumbing and electrical, parking area improvements, and interior/exterior improvements.
- Mona Lisa Apartments. Mona Lisa Apartments is a 15-unit residential property located in Seattle, Washington. The Hunt Mortgage Group investment was a loan in the amount of $3.1 million. Over the past two years, the borrower invested more than $47,000 in capital expenditures to improve the property, including new fencing, replacement of shutoff valves, and various unit updates.
- Forest View Apartments. Hunt Mortgage Partners provided a $4.6 million loan facility for Forest View Apartments, a 48-unit residential property located in Burien, Washington. The borrower acquired the property in 2000 and spent approximately $40,000 on upgrades in 2016.
The transactions are all a 5/1 Hybrid ARM, a 20-year ARM loan with the first five years fixed with one-year of interest-only and a 30-year amortization. The properties are all located in the Seattle–Tacoma–Bellevue MSA, a top market, within the North Seattle submarket/Puget Sound regional market.
“The Kawabori’s have more than 30 years of multifamily investment and management experience,” added Klimov. “We were excited to deliver on this loan for a solid borrower to help provide quality affordable housing in the Seattle area.”
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 billion. Headquartered in New York City, Hunt Mortgage Group has 189 professionals in 20 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.
MEDIA CONTACTS Brent Feigenbaum Hunt Mortgage Group 212-317-5730 [email protected] Pam Flores 773-218-9260 [email protected]
