July 16, 2018
Hunt Mortgage Group provided two Freddie Mac conventional loans totaling more than $65 million to finance the acquisition of two multifamily properties in Raleigh-Durham, North Carolina. The borrower is a JV with a seasoned equity investor, with Joe Lubeck, American Landmark, as the managing partner.
Hunt Mortgage Group’s John Beam says, “We were thrilled that we were able to close these two deals in only 27 days. Not only did we provide an early treasury rate lock, but also increased the loan proceeds during underwriting through Freddie Mac’s highly successful Index Lock Program.”
The properties financed are:
-Edinborough Commons: $30.105-million seven-year acquisition loan for a 312-unit apartment complex located in Raleigh, NC (pictured). The property was built in 1996 and 1997, and is comprised of 16, three-story garden-style apartment buildings.
– Edinborough at the Park: $34.907-million seven-year loan to facilitate the acquisition of a 330-unit, apartment complex comprised of five, three-story garden-style apartment buildings in Durham, NC.
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