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4/05/17
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Hunt Mortgage Group recently provided three Fannie Mae loans totaling $62.6 mil to the same borrower for the acquisition of two multifamily properties and the refi of a third property, all in Texas. The acquisitions are located in Farmers Branch (Las Colinas) and San Antonio, while the refi property is in Houston.
One of the acquisitions was Portofino at Las Colinas, a luxury apartment complex comprised of a single, four-story residential building with an integrated six-level parking garage and a total of 224 units. The property was built in 2006 and is located at 11601 Lago Vista West in Farmers Branch (Las Colinas), TX.
Community amenities at Portofino at Las Colinas include a resort-style swimming pool with a fountain; a spacious courtyard with lounge and grilling areas; a 24-hour, state-of-the-art fitness facility; a Club Room Lounge with billiards and shuffleboard tables; an internet café and coffee bar; and a business center. Parking is provided on site via a total of 331 spaces. The loan terms include a 10-year term with one-year interest only, 30-year amortization period, and 9.5-year yield maintenance period.
The other purchase was Vineyard Springs, a luxury garden-style apartment complex comprised of 23, three-story residential buildings plus a single-story leasing office with a total of 364 units. The property was built in 2000 and is located at 18200 Blanco Springs in northwest San Antonio, near the Stone Oak area.
Community amenities include a boutique swimming pool with spa and cascading fountains; a second outdoor swimming pool; an outdoor kitchen and cabana with poolside grills; a putting green and a dog park; a clubhouse/leasing office with a recently renovated 24-hour fitness center, a separate yoga/spin studio, and clubroom lounge areas with a fireplace and an adjacent kitchen, plus theater room with stadium seating. Parking is provided on site via a total of 546 spaces. The loan terms include a 10-year term with one-year interest only, 30-year amortization period, and 9.5-year yield maintenance period.
The refi was for Thorntree Apartments, a garden-style apartment complex comprised of 15, two-story residential buildings plus a single-story leasing office/clubhouse building with a total of 224 units. The property was built in 1979 and is located at 13502 North Thorntree Drive in Houston.
Community amenities include an outdoor swimming pool, a playground area, two on-site laundry facilities, and an outdoor sport court for tennis, soccer, etc. Parking is provided on-site via a total of 343 spaces. The loan terms include a 10-year term, 30-year amortization period, and 9.5-year yield maintenance period.
The borrower is Charlie Yalamanchili and Ilan Investments LLC. All three loans were closed utilizing Fannie Mae’s “Green Rewards” financing program which allowed the borrower to fund its planned energy- and water utility-saving improvements and achieve lower interest rate pricing.
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