New York, NY – April 14, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $1.4 million Fannie Mae loan facility to enable the acquisition of a multifamily property located in Charlotte, North Carolina.
Lansdale Crossing Apartments is 55-unit multifamily property located at 4610 Central Avenue. The garden-style property was built in 1973 and consists of 8 two-story buildings. The loan term is 10-years with 9.5-years yield maintenance, and a 30-year amortization schedule.
“The property is currently 96% occupied and has averaged 95% occupancy over the past 12 months,” noted Owen Breheny, Senior Vice President Mortgage Banking at Hunt Mortgage Group. “The borrower is Trent Tonsmeire, a relatively new local commercial real estate and multifamily investor that has a background in finance and residential real estate investing. He also lives less than five miles from the property.”
Property amenities include: a leasing office, laundry room, and pool. The unit mix at Lansdale Crossing includes 15 one-bedroom, one-bathroom units, 36 two-bedroom, one-bathroom apartments, and 4 three-bedroom, one-and-a-half bathroom units. The total net rentable area is approximately 47,674 square feet.
“Lansdale Crossing is located in Charlotte, the largest metro area in state,” added Breheny. “The local economy is strong and population is projected to increase over the next 4-5 years. We were pleased to deliver this loan to a new local investor in the community.”
The surrounding neighborhood is approximately 95% developed with a variety of property types including 40% single family homes, 25% multifamily properties, 20% retail, 5% office, and 5% industrial. Commercial and single family properties are located north of the property. The Winterfield Neighborhood Park is located south of the property with single family homes beyond and multifamily properties east and west.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.