NEW YORK, April 24, 2018 /PRNewswire/ -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae DUS Loan in the amount of $6.4 million to refinance a multifamily property located in Dallas, Texas.
Park Beverly is a 144-unit multifamily complex located in northeast Dallas. The property is situated on 2.7 acres and is comprised of eight, two-story garden-style residential buildings. The property was built in 1963 and offers studios, one-, and two-bedroom units in 13 floor plans.
The Borrower is Cresta 5827 Blackwell, LLC, a Texas limited liability company, backed by key principals Avy Azeroual and Reuben Robin. The loan terms include a seven-year term with one-year of interest only, a 30-year amortization period, and a five-year yield maintenance period.
"The borrower is a new Hunt Mortgage Group and Fannie Mae customer, but is a seasoned commercial real estate and multifamily investor that is working on another transaction with us at the same time," commented Ted Nasca, Managing Director at Hunt Mortgage Group. "Avy and Reuben acquired the property in late 2014 and executed a $2.6 million renovation campaign, significantly re-tenanting Park Beverly and achieving post-renovation stabilization in September 2017."
Renovations implemented by the borrower include re-paving and re-striping the parking/drive surface; replacing windows in nine units; shoring up foundation issues; upgrading landscape irrigation; and installing a new central chiller, boilers for heat and hot water, security fence and gates and new electrical subpanels in 50 units. In addition, interior renovations were made to all but 15 units, including new appliances, cabinets and counters, hardware, bathroom pedestal sinks, light fixtures, flooring, air handlers and thermostat controllers.
Parking is furnished on-site via 132 spaces. Community amenities include a picnic/grill area at the site's southwest corner, and a common laundry facility with leased equipment. The leasing office is within the two-story building at the site's southwest corner and includes a lounge area and maintenance shop.
Park Beverly is located in a community known as Lake Highlands, within the Dallas-Fort Worth MSA. The Property is located 7 miles north of Dallas, 6.7 miles northeast of Dallas Love Field Airport, and 23.4 miles east of the Dallas-Fort Worth International Airport.
"Beverly Park is well located near numerous retail and restaurant options, including the Northpark regional shopping mall and Sam's and Wal-Mart," added Nasca. "We were pleased to provide this financing for a quality new client."
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.