May 17, 2016
Hunt Mortgage Group provided a $5-million Freddie Mac Small-Balance loan to refinance a multifamily property in Denver. The property, at 831 & 861 Cherry St., was built in 1948 and has 38 units.
Property owner Emporia Co. obtained a seven-year fixed +13 Hybrid ARM loan, with a 30-year amortization and stepdown prepayment option. The borrower purchased the property in 2013, and executed a complete rehab and repositioning in 2014/2015. The loan provided substantial cash out for the reimbursement of their equity and some market appreciation.
“The sponsor is a new Freddie Mac and Hunt Mortgage Group borrower, and has a substantial amount of experience in the real estate industry,” commented Penny Newton, vice president in the Small Loan Group at Hunt Mortgage Group.