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Hunt Mortgage Delivers $31M Loan for PHX MF
Hunt Mortgage Group provided a first mortgage bridge loan in the amount of $30.5 million to finance the acquisition and renovation of the 240-unit Mountain Park Apartments in Phoenix. Located in prestigious Ahwatukee Foothills Village, at 4221 East Ray Rd., Mountain Park is a garden-style community held by KB Development.
The sponsor has built and developed more than 5,800 residential and multi-residential units over the last 40 years, and more than 7.3 million square feet of warehouse, distribution and office buildings. The deal represents KB Development’s fourth significant Phoenix-area multifamily purchase since 2015, all financed through Hunt Mortgage Group.
Hunt Mortgage Group’s Peter Clasquin says, “Across their Phoenix portfolio, the sponsor has greatly improved property operations in a short period of time. This performance enabled us to project Mountain Park’s future cash flow based on the same improvements and business model.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
