June 22, 2016 Comments Off on Hunt Mortgages’ $32M Funding Facilitates Phx Apt Buy Views: 368 Arizona, California News, Midwest, Southwest

Hunt Mortgages’ $32M Funding Facilitates Phx Apt Buy

Hunt Mortgage Group has provided a $31.8 million Freddie Mac loan facility to finance the acquisition of Arboretum at South Mountain. The property at 15251 S. 50th St. is a 312-unit apartment complex near the Ahwatukee Foothills in southwest Phoenix. Abacus Capital Group sold the property for $45.5 million to KB Arboretum LLC, located in Costa Mesa, CA.

Arboretum is the sponsor’s third major acquisition in the last twelve months, all of which have been financed by Hunt Mortgage Group. Overall, the sponsor has obtained $95.9 million of financing to acquire 992 units in the Phoenix market. Each loan has featured a ten-year term, five-years of interest only, and the ability to obtain supplemental loans in the future.

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