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Hunt Delivers $187M Financing for Three-State MF Portfolio
New York-based Hunt Mortgage Group provided $187 million in financing for a portfolio of affordable and student housing properties in Texas, Florida, and South Carolina. The loans include $102 million in variable rate taxable financing from Freddie Mac, $83 million in fixed rate tax exempt financing enhanced through Fannie Mae’s M.TEB execution, and $2 million through a proprietary variable rate execution from Hunt Mortgage Group.
The M.TEB program uses an MBS security as collateral for a tax exempt bond issuance. This was the first time the execution was used to finance student housing.
The portfolio consists of more than 3,500 units of affordable and student housing in 16 properties. Many of the units are affordable to tenants at or below 60% of the area median income. The sponsor, Atlantic Housing Foundation, plans to put well in excess of $14 million back into the properties to make green and other improvements.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
