Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it financed the acquisition of three multifamily properties located in Palm Beach County, Florida. The three Freddie Mac Small Balance Loans totaled $14.4 million.
The borrower is Typhon Realty Limited, LLC, a New Jersey limited liability company, backed by key principals Kimberly Sorrentino, Lawrence Rolnick and Austin Rolnick. The properties include:
- Villas Santorini. Hunt Mortgage Group provided a $4.1 million to finance the acquisition of Villas Santorini, a 28-unit residential property located in Lake Worth, Florida. The property is part of a larger 34-unit condominium complex, of which the current seller owns 28 units and the remaining six units are individually owned. The borrower plans to buy the remaining six units in the next 12 months. The current 28-units have been continually operated as a rental apartment complex.
The transaction is a five-year hybrid arm loan with one year of interest-only, followed by a 30-year amortization. The property is 95% occupied, was built in 2007 and consists entirely of four-bedroom, three-bathroom townhomes with a single-car garage. Property amenities include a clubhouse, swimming pool, sundeck, and a small playground.
- Whispering Winds Townhomes. Whispering Winds Townhomes is a residential property located in Greenacres, Florida. Hunt Mortgage Group provided a $4.8 million loan to secure the acquisition of this property, a 32-unit apartment complex consisting of four, two-story apartment buildings. The property contains all three-bedroom townhomes that were constructed in 2013.
Property amenities include a clubhouse, in-ground swimming pool, and a children’s playground. The transaction is a five-year fixed rate loan with a 30-year amortization, 12-months of interest-only and a yield maintenance prepayment schedule.
- Charles Landing Townhomes. Hunt Mortgage Group, provided a $5.5 million loan to enable the acquisition of Charles Landing Townhomes, a residential property located in Palm Springs, Florida. The transaction is a five-year fixed rate loan with a 30-year amortization, 12-months of interest-only and a yield maintenance prepayment schedule.
Charles Landing Townhomes consists of a five, two-story apartment buildings containing 40-three bedroom townhomes style units, built in three phases, 2007 (one building), 2011 (two buildings) and 2012 (two buildings). Property amenities include garage parking and a children’s play area at the northeast corner of the property.
“The borrower on this three-property portfolio deal is a seasoned commercial real estate and multifamily investor that is also a repeat Freddie Mac and Hunt Mortgage Group client,” noted Bill Papagno, Director at Hunt Mortgage Group.
All three properties are located in the Green Acres submarket of the Palm Beach Metro area. Palm Beach is located on Florida’s southeast coast, north of Broward County, south of Martin County, east of Hendry County, and west of the Atlantic Ocean.
“The borrower has a solid track record of success,” added Papagno. “We were pleased to provide the financing needed to acquire these three properties to a quality investor in a strong multifamily locale.”