May 25, 2016
Hunt Mortgage Group has arranged a $19.2-million Fannie Mae acquisition loan for purchase of the 288-unit Mountain Brook Apartments in Poughkeepsie, NY. The borrower, Mountain Brook Realty Holdings LLC (Allstate Corporate Services), ended up with a 7-6 ARM term (option to convert to fixed financing), a 1% yield maintenance, and a 30-year amortization following one year of interest only.
Mountain Brook Apartments is at 134-154 Innis Ave. on 18.5 acres; Kamson Corp. of Englewood Cliffs, NJ, was the seller. The property was built in 1965.
“Mountain Brook Apartments is in good condition and is currently 92% occupied,” said Steven Cox with Hunt Mortgage Group. “Poughkeepsie has a strong need for multifamily housing. We were pleased to work with this borrower and deliver to him exactly the kind of financing he needed.”