8A — February 13 - 26, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest The deal team at Hunt Mortgage included Steven Cox and Michael Powell Hunt Mortgage Group provides $46 million refinancing for a multifamily property in NJ
OORHEES TWP., NJ — Hunt Mort- gage Group , a com- mercial real estate lender, an- nounced that it has provided a $46 million Freddie Mac loan facility to refinance a multifamily property located in Voorhees Township. Village at Voorhees Apart- ments is an 856-unit, garden style apartment complex located at 10 Lucas Dr. Voor- hees Township, New Jersey is located 16 miles southeast of the Philadelphia central business district. The term of the loan is 10 V
years with a 30-year amorti- zation schedule. The financ- ing was structured utilizing both the Freddie Mac Index Lock program and the Fred- die Mac 120-day ERL Pro- gram – two loan structures Hunt began offering earlier this year. The borrower is a New Jersey limited partner- ship. “The borrowers have owned Village at Voorhees Apart- ments since 1998 and are experienced commercial real estate investors and repeat Freddie Mac clients,” said Steven Cox , managing di-
rector at Hunt Mortgage Group. “They have success- fully managed the property since purchase, handling the daily operations and perform- ing basic maintenance work in-house. “In addition, the borrower
Village at Voorhees
HUNTINGDON VALLEY, PA — Gelt Financial Cor- poration , in business since 1989, announced its nation- wide strategic partnerships to bring its clients CMBS loans. This service focuses on loan amounts from $5 to $200 mil- lion. It provides up to 80%LTV with non-recourse and 30 year amortizations. This product will allow our continuously growing cus- tomer base to receive the most competitive terms the indus- try has to offer. Another prime benefit is maximizing their leverage to receive the highest returns on their investments. Gelt Financial is a commer- cial mortgage banker, focused on servicing real estate inves- tors and owner of mid-sized businesses on a nationwide basis. n was able to take advantage of improved property perfor- mance to achieve an increase in loan proceeds to the maxi- mumLTV of 70%,” added Cox. “At the same time, apartment demand in the Philadelphia area has been strong over the past year and is expected to remain that way for the fore- seeable future. These factors made this an attractive deal for Hunt.” Village at Voorhees Apart- ments is comprised of 40 two- and three-story buildings. Property amenities consist of two tennis courts, two swimming pools, two fitness centers, and a clubhouse with internet access. The deal team at Hunt included Cox and Michael Powell , originator. n Gelt Financial brings clients CMBS loans
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