NEW YORK, Nov. 7, 2019 /PRNewswire/ -- Hunt Real Estate Capital announced today that it has provided four Freddie Mac Small Balance Loans to refinance a recently constructed four-property, 202-unit portfolio in Pleasant Prairie, Wisconsin.
The borrower and sponsor, Jeff Marlow, purchased the land for all four properties in September 2016 and construction was completed in 2018. All properties are currently fully occupied.
The Freddie Mac Small Balance Loans are structured with a 10-year, fixed-rate term with a 30-year amortization schedule. The loans have a yield maintenance prepayment schedule (1% with the last 90 days open).
The properties included in the portfolio are:
- Fountain Ridge II. Fountain Ridge II is located at 9130 83rd Street and contains 54 residential units. Hunt Real Estate Capital provided a $6.48 million loan to refinance this property.
- Fountain Ridge III. Hunt Real Estate Capital provided a $7 million Freddie Mac Small Balance loan to refinance Fountain Ridge III. The property has a total of 48 residential units and is located at 8331-8543 90th Avenue.
- Fountain Ridge IV. Fountain Ridge IV has a total of 60 residential units and is located at 8950 83rd Street. Hunt Real Estate Capital provided a $7.05 million loan to refinance this property.
- Fountain Ridge V. Hunt Real Estate Capital provided a $6.27 million Freddie Mac Small Balance loan to refinance Fountain Ridge V. The property has a total of 40 residential units and is located at 8370, 8372, 8560, & 8562 90th Avenue.
"The borrower has been involved in the investment and management of real estate properties since 1992, and specializes in full service multifamily and residential development and property management," commented Owen Breheny, Managing Director at Hunt Real Estate Capital. "He currently owns 33 real estate properties comprised of 2,127 multifamily units, three commercial units, and four parcels of land – all of which are located in the Green Bay/Pleasant Prairie, Wisconsin area."
"In addition to these four deals, the borrower has refinanced two other assets with Freddie Mac Small Balance Loans, totaling another $11 million with Hunt Real Estate Capital," commented Aaron Stempel, Vice President with Meridian Capital Group, who brokered the deal. "Jeff truly appreciated the seamless Freddie Mac Small Balance Loan process and the certainty of rate and execution that came with working with Freddie Mac and Hunt Real Estate Capital."
Pleasant Prairie is located in Kenosha County, Wisconsin, which is within the Chicago MSA.
About Hunt Real Estate Capital
Hunt Real Estate Capital, a division of Hunt Capital Holdings LLC, ("HREC") is a leader in financing, investing and managing multifamily housing and commercial real estate. HREC is a source of debt and equity capital for multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage, and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private investment vehicles. HREC is the third largest multifamily property manager in the US. To learn more, visit https://huntrealestatecapital.com.
Hunt Real Estate Capital
SOURCE Hunt Real Estate Capital