NEW YORK, April 24, 2017 (GLOBE NEWSWIRE) -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has arranged the financing needed to enable ROCO Real Estate to acquire three multifamily properties. The properties are located in Ohio, Illinois and Alabama and the total Hunt Mortgage Group investment was $36.7 million. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt. ROCO is a privately-owned real estate investment firm located in Bloomfield Hills, Michigan.
The properties include:
- Fox Chase Apartments. Fox Chase Apartments is a 304-unit multifamily apartment complex located in Holland, Ohio, within the Toledo metropolitan service area. Built in 1998, the property consists of 23 two-story residential apartment buildings, a leasing office/clubhouse and six free-standing garages. Hunt Mortgage Group provided a loan in the amount of $17.6 million to facilitate the acquisition of Fox Chase Apartments.
Property amenities include an in-ground swimming pool, sand volleyball court, basketball court, dog park, and tennis courts. The central leasing office has a community room and kitchen, fitness room, business center and multi-purpose room. - Knoxville Pointe Apartments. Located in Dunlap, Illinois, Knoxville Pointe Apartments is a 218-unit multifamily apartment complex that was built in 2001 and is comprised of 13 two-story residential apartment buildings, a leasing office/clubhouse and a swimming pool. Dunlap is located within the Peoria metropolitan service area.
Hunt Mortgage Group provided a loan in the amount of $12.9 million to facilitate the acquisition of Knoxville Pointe Apartments. - Huntsville Place Apartments. Huntsville Place Apartments is an 84-unit multifamily apartment complex located in Huntsville, Alabama. Built in 2008, the property consists of eight, three-story residential apartment buildings, a leasing office/clubhouse and a swimming pool. Hunt Mortgage Group provided a $6.2 million loan to enable to acquisition of Huntsville Place Apartments.
The property is an off-campus student housing property with a total of 336-beds. Huntsville Place Apartments is located minutes from the campus of The University of Alabama in Huntsville and Alabama A&M University.
The transactions are structured as a five-year interest-only term at a variable rate based on the 30-day LIBOR.
“ROCO specializes in the acquisition and development of much needed workforce housing in various markets in the Midwest,” noted Josh Messier, Director, Hunt Mortgage Group. “They are a young company backed by Tyler Ross, Michael Colman and David Colman who currently have ownership interests in over 90 multifamily assets. They are experienced multifamily and commercial real estate investors who are working to provide affordable housing in these local markets. We were pleased to deliver another structured credit facility transaction for ROCO as our relationship with them continues to grow.”
“Once again, working with Hunt Mortgage Group proved to be a seamless, efficient process,” said Kevin Roach, Director of Debt Financing for ROCO. “Our close relationship with them allowed us to focus our efforts on the acquisition process and developing and enacting our business plan with the property, since we were certain the financing would be there when we got to the closing table. We’re looking forward to continuing to grow this working relationship.”
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12 billion. Headquartered in New York City, Hunt Mortgage Group has 189 professionals in 20 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.