May 4, 2016
Hunt Mortgage Group of New York City provided a $65 million Fannie Mae loan to fund acquisition of – and capital improvements for – the Villages of Copperfield. The 964-unit apartment complex is at 8750 Point Park Dr. in northwest Houston. Hunt operated on behalf of Tampa FL-based Robbins/Elco Management in securing the 10-year term loan.
The loan offers four years of interest-only payments. and a 30-year amortization on an 80% loan-to-renovation cost. The buyer, headed by Joe Lubeck, acquired the property (now Copperfield North) from JRK Property Holdings; extensive upgrades are planned.
“Earlier this year, we financed Mr. Lubeck’s $25.4 million acquisition of Fountains of Katy in Katy, Texas with a similar structure, but with floating rate debt instead of fixed,” said John Beam with Hunt Mortgage Group.