June 7, 2016
Hunt Mortgage Group has refinanced two multifamily properties in Jackson, TN. Both mortgages were Freddie Mac ARM loans totaling $31.1 million.
The properties are:
- The 212-unit Camellia Trace Apartments at 100 Trace Dr. Hunt placed $11.2 million in financing on the property. The property is 93% occupied.
- The 380-unit Cherry Grove Apartments at 27 Dunn Ridge Dr., on which Hunt placed $19.9 million in financing. The property is 94% occupied.
The borrower, who is undisclosed, acquired the assets in 2011 and has invested approximately $2.5 million in them since that time. “These properties have shown continuous bottom line growth over the last five years,” commented John Beam, Managing Director at Hunt Mortgage Group.