NEW YORK, Nov. 30, 2017 /PRNewswire/ — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided conventional Freddie Mac loan in the amount of $25 million to refinance a multifamily property located in Poughkeepsie, New York.
Mountain Brook Apartments is located at 134-154 Innis Avenue and is comprised of 17 buildings and contains 288 units. The buildings were developed in 1965 with just over 242,000 square feet of rentable space. The property offers one-bedroom, one-bathroom; two-bedroom, one-bathroom; and three-bedroom, one-bathroom unit types.
The borrower, Mountainbrook Realty Holdings LLC, has owned and operated the property since acquisition in early 2016. This transaction is a seven-year fixed rate term with a 30-year amortization schedule, including two-years of interest only.
“Since purchasing Mountain Brook Apartments, the borrower has implemented a capital improvement program that includes roof replacements, apartment renovations, and installation of a security system which has helped successfully improve overall operations,” commented Steven Cox, Managing Director at Hunt Mortgage Group. “The refinance will enable the borrower to implement additional capital improvements and possibly acquire more multifamily assets in and around the New York City metropolitan market.”
The transaction was brokered by Shloime Goldstein of Skyline Capital. Mountain Brook Apartments is currently 98.6% occupied and the property has 270 parking spaces.
The property is located 1.6 miles from downtown Poughkeepsie and 1.9 miles from College Hill Park. The area surrounding Mountain Brook Apartments is primarily residential, but it is well located near grocery stores, restaurants, retail, public and private schools, a hospital and Interstate.
“The borrower is a seasoned commercial real estate and multifamily investor,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “We were pleased to partner with them on this deal and hope to work with them again in the near future.”
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