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Hunt Mortgage Arranges Fannie Refi on Lansing Garden Apartments
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Hunt Mortgage has provided a $26-million Fannie Mae conventional multifamily loan to refinance a 354-unit garden-style property in Lansing, IL. The borrower was Riverwood Apartments LLC, backed by key principal Nick Kozul.
“Nick is a seasoned commercial real estate executive that has been involved in the multifamily industry for over 25 years,” said Owen Breheny, managing director at Hunt Mortgage Group. “He learned the business through his family, who owned and operated multifamily properties for many years. He played a big role in assisting with his family’s growing apartment business, as well as working for private real estate companies.”
The new loan on Riverwood Apartments will pay off the 54-year-old property’s existing debt, and facilitate a buyout of the remaining partners. The loan has a 15-year term with five-years of interest-only, followed by a 30-year amortization period and a 14.5-year yield maintenance period.
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