Hunt Mortgage Provides $61.5M Refinancing for Three Multifamily Properties in Metro Houston
POSTED ON NOVEMBER 10, 2017 BY JOHN NELSON IN LOANS, MULTIFAMILY, TEXAS
HOUSTON — Hunt Mortgage Group has provided three Fannie Mae loans totaling $61.5 million for the refinancing of three apartment communities in the metro Houston area. All three non-recourse bridge and permanent loans were for the same borrower, Charlie Yalamanchili and Ilan Investments LLC, a Houston-based commercial real estate and multifamily investor. The financing included a two-year, floating-rate loan for Ravello at Tuscan Lakes, a 244-unit community located at 1750 E. League City Parkway in League City; a 10-year loan with four years of interest-only payments and a 30-year amortization schedule for Breton Mill, a 392-unit property located at 13555 Breton Ridge St. in Houston’s Champions/Willowbrook submarket; and a 10-year loan with five years of interest-only payments and a 30-year amortization schedule for Champion Oaks, a 252-unit community also situated in the Champions/Willowbrook submarket. The Ravello loan included a $150,000 reserve for capital improvements, and the Breton Mill and Champion Oaks refinances were closed utilizing Fannie Mae’s Green Rewards program, which funded the borrower’s planned energy- and water utility-saving improvements. Colin Cross led Hunt Mortgage’s origination team in Dallas for the refinancings.