Hunt Refis Two Multifamily Projects
Hunt Mortgage Group (formerly Centerline Capital) provided $12.5M in Fannie Mae refinancing for two multifamily properties. Managing director Bryan Cullen tells us the loans have been in Hunt’s portfolio since 1998. The properties: Hammerly Villa Apartments (174 units, it was built in ’72 and extensively renovated in 2000) and Eagle Hollow Apartments (350 units). The biggest challenge was managing the early-rate lock process and open period of prepayment, but he was able to lower the debt service payments (Eagle Hollow by $130k/year and Hammerly by $44k/year) and avoid prepayment penalties. Hammerly was a Tier 3 loan that locked in seven-year fixed rate of 4.12%, and Eagle Hollow was Tier 4 and got a 3.82% interest rate.