New York, NY — December 12, 2016 — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $4.2 million Freddie Mac loan to refinance an affordable multifamily property in El Paso, Texas.
Mesa Place Townhomes is located at 5450 Suncrest Drive and consists of 128 multifamily townhouse units. Proceeds from the loan will be used to refinance existing debt, buy out the borrower’s existing limited partner, and provide cash to fund future acquisitions by the sponsor.
The borrower is LEDIC Realty Company, LLC. The loan is a seven-year loan, with one year of interest-only payments and 30-year amortization schedule beginning in year two of the loan.
“The borrower is an experienced owner-operator of affordable housing with 30 plus years of operations in the field,” noted Paul Weissman, Senior Managing Director and head of the Affordable and FHA Lending platform at Hunt Mortgage Group. “They currently manage a portfolio of more than 33,000 units, most of which are affordable.”
The property is comprised of 29 two-story apartment buildings housing the property’s 116 townhome-style units. There are also three, one-story buildings that contain the property’s 12 garden-style units, and one single-story leasing office/community building. The property is located on two contiguous parcels containing 10.3 acres of land.
“Mesa Place Apartments is currently 100% occupied and reports an average occupancy of 99% for past 12 months,” added Weissman. “The property is located in a submarket with a relatively strong historic and projected occupancy. In addition, it is well located near key medical offices and other support centers for the senior tenancy. We were pleased to partner with this strong sponsor to deliver on this loan and provide much needed affordable housing to the local community.”
Mesa Place Apartments is located approximately six miles northwest of El Paso’s central business district. It offers 78 units restricted to households earning of 50% of the Area Median Income (“AMI”) or less, and 50 units restricted to households earning 60% of the AMI or less.
The unit mix is comprised of 76 two-bedroom units, 44 three-bedroom units, and eight four-bedroom units. The property has 296 asphalt open surface parking spaces of which 15 are handicap accessible.
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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 21 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.
