Hunt Mortgage Group has provided a $19.2 million Fannie Mae loan to finance the acquisition of a multifamily property in Irving, Texas, the company announced recently. The property, Ladera Ranch Apartments, is a garden-style multifamily complex comprised of 24 two-story residential buildings, plus a standalone leasing office with a total of 280 units.
The borrower is Aldwin Apartments, and its managers are John Whitman and Seth Weinroth. The term of the loan is 12 years, with three years of interest only, followed by a 30-year amortization schedule.
“John and Seth are not only repeat Fannie Mae clients, but they are return Hunt Mortgage Group sponsors,” says Vic Clark, managing director with Hunt Mortgage Group. “We have been working together for nearly 20 years and value this long-term relationship immensely.”
“In 2014, the seller invested approximately $1.6 million in exterior improvements to the property, including a full clubhouse renovation and new exterior siding and painting,” says Colin Cross, vice president at Hunt Mortgage Group, who managed the transaction. “The borrower plans to continue to improve the property by implementing interior renovation.”
Built in 1983, the property, previously known as Wind Tree Apartments, includes common area amenities such as in-ground swimming pools, a tennis court, two laundry facilities and a playground.
For more information, please visit www.huntmortgagegroup.com.
