Hunt Mortgage Provides $5.1M Refinancing for Multifamily Property in Metro Seattle

RE Business Online

Posted In — News & Press | In the News

FEDERAL WAY, WASH. – Hunt Mortgage Group has arranged a $5.1 million loan for the refinancing of Cedar Gardens Apartments, a multifamily property located at 2110 S.W. 337th Place in Federal Way.

The borrower is Robert LaFountaine, a local real estate owner/operator.

Built in 1980, the property comprises five two-story buildings totaling 49 apartment units.

Glenn Gioseffi of Kidder Mathews arranged the Freddie Mac Small Balance loan, which features a five-year term, 30-year amortization schedule and a hybrid-adjustable interest rate. A hybrid-adjustable rate mortgage (hybrid ARM) is where a loan’s interest rate is fixed for an established amount of time and then transitions to an adjustable rate.

Cedar Gardens was 98 percent occupied at the time of financing.

For the full story, go to RE Business Online.

© 2018 France Publications. All rights reserved.

Share This Post