NEW YORK, Nov. 7, 2019 /PRNewswire/ — Hunt Real Estate Capital introduced immediately that it has offered 4 Freddie Mac Small Steadiness Loans to refinance a just lately constructed four-property, 202-unit portfolio in Nice Prairie, Wisconsin.
The borrower and sponsor, Jeff Marlow, bought the land for all 4 properties in September 2016 and development was accomplished in 2018. All properties are at the moment totally occupied.
The Freddie Mac Small Steadiness Loans are structured with a 10-year, fixed-rate time period with a 30-year amortization schedule. The loans have a yield upkeep prepayment schedule (1% with the final 90 days open).
The properties included within the portfolio are:
- Fountain Ridge II. Fountain Ridge II is situated at 9130 83rd Avenue and comprises 54 residential models. Hunt Actual Property Capital offered a $6.48 million mortgage to refinance this property.
- Fountain Ridge III. Hunt Actual Property Capital offered a $7 million Freddie Mac Small Steadiness mortgage to refinance Fountain Ridge III. The property has a complete of 48 residential models and is situated at 8331-8543 90th Avenue.
- Fountain Ridge IV. Fountain Ridge IV has a complete of 60 residential models and is situated at 8950 83rd Avenue. Hunt Actual Property Capital offered a $7.05 million mortgage to refinance this property.
- Fountain Ridge V. Hunt Actual Property Capital offered a $6.27 million Freddie Mac Small Steadiness mortgage to refinance Fountain Ridge V. The property has a complete of 40 residential models and is situated at 8370, 8372, 8560, & 8562 90th Avenue.
“The borrower has been concerned within the funding and administration of actual property properties since 1992, and makes a speciality of full service multifamily and residential growth and property administration,” commented Owen Breheny, Managing Director at Hunt Actual Property Capital. “He at the moment owns 33 actual property properties comprised of two,127 multifamily models, three business models, and 4 parcels of land – all of that are situated within the Inexperienced Bay/Nice Prairie, Wisconsin space.”
“Along with these 4 offers, the borrower has refinanced two different belongings with Freddie Mac Small Steadiness Loans, totaling one other $11 million with Hunt Actual Property Capital,” commented Aaron Stempel, Vice President with Meridian Capital Group, who brokered the deal. “Jeff actually appreciated the seamless Freddie Mac Small Steadiness Mortgage course of and the knowledge of price and execution that got here with working with Freddie Mac and Hunt Actual Property Capital.”
Nice Prairie is situated in Kenosha County, Wisconsin, which is throughout the Chicago MSA.
About Hunt Actual Property Capital
Hunt Real Estate Capital, a division of Hunt Capital Holdings LLC, (“HREC”) is a frontrunner in financing, investing and managing multifamily housing and business actual property. HREC is a supply of debt and fairness capital for multifamily, reasonably priced housing, manufactured housing, healthcare/senior residing, retail, workplace, industrial, self-storage, and mixed-use belongings by Fannie Mae, Freddie Mac, FHA, its personal stability sheet and managed private and non-private funding automobiles. HREC is the third largest multifamily property supervisor within the US. To be taught extra, go to https://huntrealestatecapital.com.
Hunt Actual Property Capital
SOURCE Hunt Actual Property Capital