Hunt Mortgage Group Refinances a Four-Property Multifamily Portfolio in Louisiana
NEW YORK, May 15, 2018 /PRNewswire/ — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided four Freddie Mac Small Balance Loans to refinance a four-property multifamily portfolio. The total Hunt Mortgage Group investment is $5.09 million.
The transaction includes four individual loans known collectively as the GNO Portfolio. The borrower is GNO Portfolio, LLC, backed by Michael Meredith, Andre Lewis and Dennis Stump. The loan term includes a five-year note with P&I payments amortized over 30 years.
All of the properties are located in Louisiana, within the New Orleans-Metairie MSA and include:
- 671 Central Avenue Apartments. Hunt Mortgage Group provided a $1.02 million loan to refinance 671 Central Avenue Apartments, a 30-unit multifamily property located at 671 Central Avenue in Jefferson, Louisiana. The property consists of two, three-story apartment buildings that were constructed in the 1970s. The property offers 30 surface parking spaces for tenants and is 93% occupied. Since acquiring the property in 2016, the borrowers have invested approximately $250,000 in capital improvements at 671 Central Avenue Apartments.
- Montbatten Apartments. Montbatten Apartments is a 30-unit multifamily property located at 1726-1836 Montbatten Drive in Marrero, Louisiana. The Hunt Mortgage Group loan to refinance this property is in the amount of $1.05 million. The property is 100% physically occupied and is comprised of 15, single-story buildings. The property was built in 1985 and has received over $99,000 in capital expenditures since acquisition in 2016. There are 60 surface parking spaces available for tenants, and public street parking is available just outside of each building.
- 718 Central Avenue Apartments. Hunt Mortgage Group provided a $1.32 million loan for the refinance of 718 Central Avenue Apartments, a 32-unit multifamily property located at 718 Central Avenue in Jefferson, Louisiana. The property consists of a three-story apartment building that was constructed in the 1980s. Common areas include a community laundry room and outdoor swimming pool and there are 32 parking spaces available for tenants including 21 open and 11 carports. 718 Central Avenue has received over $161,000 in capital expenditures.
- Kabel Drive Apartments. Kabel Drive Apartments is a 32-unit multifamily property located at 3250-3260 Kabel Drive in New Orleans. The property is 91% occupied and is comprised of seven, two-story apartment buildings that was built in the 1980s. Hunt Mortgage Group provided a $1.36 million loan to refinance Kabel Drive Apartments and the property has received over $848,000 in capital expenditures since acquisition.
“The borrowers are experienced multifamily real estate investors that represent VPG Enterprises, a value-add private equity group that specializes in investing in multifamily assets throughout New Orleans and the surrounding markets,” noted Mark Besharaty, Director at Hunt Mortgage Group.
“The borrowers have executed on a number of improvements at all four buildings and the renovations are ongoing,” added Besharaty. “In addition, they bring with them a successful track record of repositioning assets in and around the New Orleans submarket. We were pleased to partner with them on this transaction.”
Improvements completed at each property includes new flooring, new kitchens, new bathrooms and updated interior accents. Exterior improvements include new paint, new facades, new landscaping and new windows. Approximately 30-50% of the units in each complex have been upgraded and the borrower plans to upgrade the remaining units as they become vacant.
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 $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.
Hunt Mortgage Group
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SOURCE Hunt Mortgage Group