New York, NY – September 1, 2015 – (RealEstateRama) — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a Fannie Mae DUS loan in the amount of $5 million to finance the acquisition of a multifamily housing property located in Atlanta, Georgia.
Hidden Villages Apartments is a garden style multifamily complex comprised of 22 buildings, containing a total of 180 units. The buildings were developed in 1972 with 218,296 square feet of rentable space and are situated on a 17.83 acre parcel of land.
The Borrower is Roco – Hidden Village, LLC, a Michigan Limited Liability Company. The transaction is structured with a 10-year term with a 9.5-year yield maintenance period and 30-year amortization.
“The borrower is a repeat Fannie Mae and Hunt Mortgage Group client,” commented Josh Messier, Vice President at Hunt Mortgage Group. “They are seasoned commercial real estate investors with a solid track record of success and they are expanding their footprint in the market. These factors contributed to a seamless and efficient execution.”
The property is currently 99% occupied and offers 334 open parking spaces, a swimming pool and laundry rooms.
“Hidden Villages has been well maintained by the ownership team, is in good condition and exhibits no deferred maintenance. We were pleased to deliver on this loan,” added Messier.
The property is located in the South Fulton submarket, just 8 miles from Downtown Atlanta, 7 miles from the Hartsfield-Jackson Atlanta International Airport and 6 miles from the Fulton County Airport. The area surrounding Hidden Villages is primarily residential, but the property is located near grocery stores, restaurants, and a public middle and high school.