Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Capital Market Execution in the amount of $15 million to refinance a multifamily property located in Mesa, Arizona.
The Village at Sun Valley Apartments is comprised of 15, two- and three-story apartment buildings containing a total of 276 units. Built in 2001, the property is operated as an affordable living community for residents earning 60% of the Area Median Income (AMI) or less.
The loan was structured with a seven-year term, one year of interest-only payments, and a 30-year amortization schedule beginning in year two of the loan. The borrower is an experienced owner/operator of affordable housing with more than 30 years of experience.
“The purpose of the new loan is to refinance existing debt and to provide cash to enable the borrower to fund future acquisitions,” noted Paul Weissman, Senior Managing Director at Hunt Mortgage Group. “The borrower is focused on strategically investing in affordable housing properties in the Southeast and Southwest regions.”
“The Village at Sun Valley Apartments is well located, performs strongly, and offers an attractive amenity package backed by a quality borrower,” added Weissman. “We were pleased to deliver this loan to a solid sponsor who provides much needed affordable housing to the communities in which they operate.”
The property is located in the East Mesa submarket within the Phoenix Metro Area. Project amenities include: on-site management, large leasing office, fitness center, two swimming pools, a playground, and a laundry facility. Parking is furnished onsite with a total of 567 parking spaces, including 18 handicap spaces.