Hunt Mortgage Group Refinances Five-Property New Jersey Multifamily Portfolio
by Josh Anderson
NEW YORK, NY — Hunt Mortgage Group has refinanced a five-property multifamily portfolio spread across New Jersey for the same sponsor. The borrower is Norse Holdings. Hunt Mortgage Group provided $15.2 million USD for the Freddie Mac Small Balance loans. “The proceeds from this new loan will be used to continue to improve these properties and to fund future acquisitions of additional properties,” said Steven Cox, Managing Director at Hunt Mortgage Group in a press release. Hunt Mortgage Group’s attaché included Cox and Kris Molloy, Vice President.
“In order to maximize cash-out proceeds for each deal we had to mix and match different loan terms for the various properties because of the different markets they are in,” Cox added. “Clementon Norse and Woodbine are located just outside of Philadelphia, while 388 Smith, 165 Quincy Road and Beachview are located along the Atlantic Coast outside of New York City. As a result Clementon Norse and Woodbine were executed with a ten-year fixed rate loan, while the other three were structured with five-year hybrid terms.” The properties include:
- Beachview Gardens: A 44-unit multifamily property located at 544-560 Beachway Avenue in Keansburg, New Jersey, Beachview Gardens comprises a pair of two-story buildings and is 97 percent occupied. The property boasts 38 one-bedroom, one-bathroom apartments as well as six two-bedroom, one-bathroom units. The borrower has already infused $261,350 USD in capital improvements in the property. Hunt Mortgage Group invested $4.6 million USD.
- Clementon Norse Apartments: The Clementon Norse Apartments will benefit from a $4.4 Million USD loan. The 56-unit multifamily property is located at 222 White Horse Pike in Clementon, New Jersey. The property consists of five, two-story buildings and consists of 48 one-bedroom, one-bathroom units and eight two-bedroom, one-bathroom apartments. The borrower has put an additional $122,900 of its own into improving the property since the beginning of 2016.
- 165 Quincy Ave Apartments: 165 Quincy Ave Apartments is located in Kearny, New Jersey.The facility, the recipient of a Hunt Mortgage Group loan totaling $1 million USD, consists of nine apartment units within a single two-story building. The units include five one-bedroom, one-bathroom units and four two-bedroom, one-bathroom apartments. Norse Holdings has already invested $52,975 worth of capital investments.
- 388 Smith Street: 388 Smith Street is a rent-controlled multifamily property with a dozen units, comprised of a single two-story building located in Perth Amboy, New Jersey. The property offers nine one-bedroom, one-bathroom apartments and three two-bedroom, one-bathroom units. While Hunt Mortgage Group invested $1.3 million to refinance the property, the borrower has already invested $69,150.
- Woodbine Apartments: Finally, Woodbine Apartments is a 48-unit multifamily asset. It contains a single three-story building located at 300 Broadway in Westville, New Jersey. It contains 42 one-bedroom, one-bathroom spaces and just half a dozen two-bedroom, one-bathroom units. Hunt Mortgage Group invested $3.8 million to refinance Woodbine Apartments and the borrower completed $89,050 in capital improvements.
“The borrower is a seasoned, quality multifamily commercial real estate and multifamily investors, as well as a repeat Hunt Mortgage Group client,” Cox concluded. “We were pleased to partner with them again on these deals.”