December 13, 2016
Hunt Mortgage Group provided a $4.2 million Freddie Mac loan to refinance the 128-unit Mesa Place Townhomes in El Paso. Hunt Mortgage placed the seven-year loan on behalf of LEDIC Realty Co. LLC. The financing has one year of interest-only payments, and a 30-year amortization schedule beginning in the loan’s second year.
The borrower is using the loan to refinance existing debt, buy out its limited partner, and have some cash left over to fund future acquisitions. The borrower is an experienced owner-operator of affordable housing, with 30-plus years of operations in the field,” noted Paul Weissman with Hunt Mortgage Group.
Located at 5450 Suncrest Dr., Mesa Place Townhomes is an affordable multifamily property consisting of 29 two-story buildings containing 116 townhome units, and three, one-story buildings that have 12 garden-style units. Also on the premises is a single-story leasing office/community building. The property is situated on 10.3 acres, and is 100% leased.
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