NEW YORK, Nov. 7, 2019 /PRNewswire/ — Hunt Real Estate Capital announced today that it has provided four Freddie Mac Small Balance Loans to refinance a recently constructed four-property, 202-unit portfolio in Pleasant Prairie, Wisconsin.
The borrower and sponsor, Jeff Marlow, purchased the land for all four properties in September 2016 and construction was completed in 2018. All properties are currently fully occupied.
The Freddie Mac Small Balance Loans are structured with a 10-year, fixed-rate term with a 30-year amortization schedule. The loans have a yield maintenance prepayment schedule (1% with the last 90 days open).
The properties included in the portfolio are:
“The borrower has been involved in the investment and management of real estate properties since 1992, and specializes in full service multifamily and residential development and property management,” commented Owen Breheny, Managing Director at Hunt Real Estate Capital. “He currently owns 33 real estate properties comprised of 2,127 multifamily units, three commercial units, and four parcels of land – all of which are located in the Green Bay/Pleasant Prairie, Wisconsin area.”
“In addition to these four deals, the borrower has refinanced two other assets with Freddie Mac Small Balance Loans, totaling another $11 million with Hunt Real Estate Capital,” commented Aaron Stempel, Vice President with Meridian Capital Group, who brokered the deal. “Jeff truly appreciated the seamless Freddie Mac Small Balance Loan process and the certainty of rate and execution that came with working with Freddie Mac and Hunt Real Estate Capital.”
Pleasant Prairie is located in Kenosha County, Wisconsin, which is within the Chicago MSA.