NEW YORK, NY–(Marketwired – Apr 4, 2016) – Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided an $11 million Fannie Mae loan to refinance a multifamily property located in Texas City, Texas.
Texas City is situated in northwest Galveston County, about 33-miles southeast of the Houston Central Business District. Charles Nickson acquired control of the Lakeview Apartments in 1993. The property is a garden-style multifamily facility comprised of 22 two-story residential buildings and a one-story leasing office/clubhouse with a total of 304 units.
The loan term includes a 10-year term, 5-years of interest-only, a 30-year amortization period, and a 9.5 year yield maintenance period.
“Charles and his family have been developing, owning and managing multifamily assets in the local area since 1977,” commented Vic Clark, Managing Director with Hunt Mortgage Group. “In addition to over 20 years of ownership of Lakeview Apartments, he owns four multifamily properties and 23 industrial warehouses in the Houston-Galveston region.”
“Consumer confidence has been low in the area due to the decline in the energy industry. This has also subdued residential construction and in turn boosted the appeal of multifamily renting over home ownership,” added Clark. “Longer term, homebuilding should rebound once oil prices recover, but in the meantime quality rental properties are faring well. Lakeview Apartments has performed well and is currently 96% occupied. We were pleased to provide this financing to a quality sponsor.”
Lakeview Apartments also offers parking via 82 metal carports and has an outdoor swimming pool, an exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections as well.