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Hunt Mortgage Secures Loan for Wichita Apartments
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Hunt Mortgage Group has provided a $4-million first mortgage bridge loan to acquire and renovate Westport Apartments, a 144-unit multifamily property in Wichita, KS. The borrower was Westport Wichita LLC, backed by lead sponsor Corridor Ventures.
The loan is structured as a 36‐month floating rate loan, with two one‐year extension options. It includes a $500,000 capital improvement reserve.
Corridor is a repeat client of Hunt Mortgage, and specifically of managing director Josh Messier. “Over the past 15 years, Corridor has bought and sold over $500 million in assets in over 13 states across the U.S.,” said Messier. “They have built their successful portfolio by investing primarily in multifamily and off‐campus student housing.”
Built in 1980, Westport apartments is a garden-style complex with 12 studios, 108 one‐bedroom apartments and 25 two‐bedroom units. “The Wichita apartment market is demonstrating sound fundamentals with supply and demand trends indicating stable market conditions,” Messier added.
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