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August 5, 2020
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United Development Group Lands $11.9 Mil in Fannie Mae Money for Fresno Multifamily Property


United Development Group has refinanced Hunter Place Apartments, a 200-unit apartment complex in Fresno, with an $11.9 mil Fannie Mae loan.

Located at 1050 W. Griffith Way, Hunter Place is a two-story, garden-style gated community situated on 8.9 acres of land. The apartments feature spacious floorplans with quality views, abundant closet space and private enclosed patios. Community amenities include a fitness center, business center, kids park, swimming pool, barbecue areas, covered parking and four laundry facilities.

Hunter Place is located in proximity to the CA-180, CA-99 and CA-41 freeways. The surrounding area is home to several shopping centers featuring a mix of local and national retailers, as well as numerous restaurants and recreation facilities. The property is also within five miles of downtown Fresno, which features many dining and entertainment venues.

Mark McGovern, Brian Cruz and Morgon Fraser of CBREís Capital Marketsí Debt & Structured Finance team arranged the ten-year fixed rate loan. According to McGovern, the borrower was able to take advantage of the significant drop in the US Treasury market and locked in a very advantageous long-term interest rate.

The borrower, UDGI, was formed in 2002 by Willy Ayyad as a real estate investment firm with a primary focus on value-add multifamily acquisitions and dispositions. UDGIís portfolio spans seven markets in the United States.

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