Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $1.8 million Freddie Mac Small Balance Loan to refinance a multifamily property located in Boise, Idaho.
Leisure Villa Apartments is a 57-unit, age restricted housing property located at 3003 North Overlook Road. The property was built in 1973 and expanded in 2000. The property is situated on three acres and is comprised of four, one- and two-story apartment buildings and a one-story clubhouse. The loan is ten-year fixed rate transaction with a 30-year amortization and a yield maintenance prepayment schedule.
“The investors have successfully owned and operated multifamily properties in the Boise area for over 40 years,” noted Chris Warren, Vice President at Hunt Mortgage Group. “They acquired and have successfully managed Leisure Villas for more than 12 years. Freddie Mac provided great assistance in bringing this deal in by agreeing to price the loan very competitively, particularly the Small Market of Ada County, ID. Hunt was able to offer an unbeatable rate.”
“The long-term ownership of this property, and the solid economics of the transaction, provided a great opportunity for Freddie Mac to bring its Small Balance Loan program to a target market that is facing a shortage of workforce housing,” said Russ Dines, senior producer at Freddie Mac Multifamily. “We were thrilled to work with our strong partners at Hunt Mortgage Group to refinance this property, which delivers quality, affordable rental housing to older residents in the community. Our team is proud to have completed this unique transaction, and we look forward to continuing our work expanding the SBL program in the Pacific Northwest.”
“In addition to offering competitive pricing, this deal was unique as it had an age restriction covenant requiring that tenants were age 55 or older. We were able to work through this issue easily with the help of Russ Dines, of Freddie Mac,” added Warren. “We were pleased to provide this financing to a local sponsor that is providing much needed affordable housing to the local community.”
Boise is both the capital and the most populous city in the state of Idaho. The area is known as a local hub for a wide variety of art and religious communities. The state has invested heavily in the construction of several performing arts centers, museums and monuments. The state government employs a large margin of the MSA’s population, but recently the tech industry has begun to thrive under a prestigious employer, Micron Technology, who works closely with Intel to produce a large variety of consumer hardware parts.
The I-84 Interstate connects Boise with Portland, Oregon and Salt Lake City, Utah, giving it exceptional access to other regions in the country.