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Total Funding Equals $5 Million
NEW YORK, NY--(Marketwired - Feb 12, 2016) - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $5 million Freddie Mac small balance loan to refinance a multifamily property located in Los Angeles, California.
Royal Cedros Apartments is a 60-unit apartment property contained in a single three-story building situated on 0.50 acres of land. The borrower is Royal Cedros Investments, a California limited partnership, backed by Mehran Namiri-Kalantari.
The transaction is a 5/1 hybrid fixed rate term with a 12-month interest only period, a 30-year amortization and step-down prepayment schedule.
"Mr. Kalantari has extensive experience in owning and managing multifamily properties," commented Mark Besharaty, Vice President at Hunt Mortgage Group. "He built and has operated Royal Cedros Apartments successfully since 1987."
"The property is located in Panorama City, a Los Angeles submarket that has one of the lowest vacancy rates in the area," added Besharaty. We were pleased to refinance this quality property for such a strong sponsor."
The property has 42 one-bedroom, one-bathroom units and 18 two-bedroom, two-bathroom apartments. Royal Cedros Apartments also has 102 garage parking spaces and three common-area laundry rooms.
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 including balance sheet conduit and floating rate financing. 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.