February 17, 2016
Hunt Mortgage Group, a New York-based CRE financing firm, has provided a $5-million Freddie Mac small balance loan to refinance a multifamily property located in Panorama City. The borrower was Royal Cedros Investments, a California limited partnership, backed by Mehran Namiri-Kalantari.
The refinanced asset was Royal Cedros Apartments, a 60-unit, three-story apartment building on a half acre of land. The transaction was a 5/1 hybrid fixed rate term, with a 12-month interest only period and a 30-year amortization and step-down prepayment schedule.
Hunt’s Mark Besharaty notes Namiri-Kalantari “built and has operated Royal Cedros Apartments successfully since 1987.”