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.
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