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Total Funding Equals $25.4 Million
NEW YORK, NY--(Marketwired - Mar 23, 2016) - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a Fannie Mae loan in the amount of $25.4 million to finance the acquisition of a multifamily facility in Katy, Texas.
Fountains of Katy is a garden-style multifamily property that is comprised of 32, two-story apartment buildings and a leasing office with a total of 316 units. The buildings were developed in 1983 with 255,108 square feet of rentable space on an 11-acre parcel of land.
The borrower is Fountains at Katy LLC, a Delaware limited liability company, backed by key principal Joseph Lubeck, a repeat borrower. The transaction is structured with a floating rate 10-year term with lockout for one year and 1% fixed prepayment and 30-year amortization with four years interest only.
"Fountains at Katy is located in the Houston-Woodlands-Sugar Land MSA, a growing market that consistently supports the demand for multifamily housing," said John Beam, Managing Director at Hunt Mortgage Group. "This is one of the first Fannie moderate rehabilitation loans we have done with a structured ARM that offers the borrower maximum loan dollars on a rehabilitated basis and the flexibility of a low fixed prepayment. The borrower was very pleased with the execution."
The property offers 144 one-bedroom, one-bathroom units, 148 two-bedroom, two-bathroom apartments and 24 three-bedroom, two-and-a-half-bathroom units. Property amenities include two pools, a hot tub, barbeque area, sportsplex/fitness center that includes indoor basketball, squash court and gym, and an outdoor sports court and playground. Fountains of Katy also has 476 parking spaces.
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 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 158 employees located in 17 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.