Bethesda, MD, October 23, 2017 –
Phillips Realty Capital recently worked with Hunt Mortgage Group to secure $8.5 million in financing for the acquisition of Stratford at Williamsburg, a 156–unit apartment community in Williamsburg, Virginia. Hunt Mortgage recently released a press release which can be read in its entirety on their website or below.
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae loan in the amount of $8.5 million to finance the acquisition of a multifamily property located in Williamsburg, Virginia.
Stratford at Williamsburg is a 156–unit apartment community developed in 1974 and is comprised of eight, two-story buildings. The property is situated on an 8.80 acre parcel of land and offers residents 223 parking spaces.
The loan term is ten-years with five-years of interest only. Yield maintenance will apply during the first 9.5 years with a 1% prepayment fee thereafter with no fee due for the last 90 days. The borrower is Thalhimer Stratford, LLC, a Virginia limited liability company backed by key principals Matthew Raggi and Evan Magrill.
“Matthew and Evan are seasoned commercial real estate and multifamily investors and are also repeat Hunt Mortgage Group sponsors,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “The previous owner made substantial capital improvements to the property, investing nearly $600,000 but occupancy is lagging so the new owners will concentrate on improving occupancy and rents.”
Property amenities include a pool, picnic areas, a playground, and three common laundry rooms.
“We were able to provide Green Rewards pricing in return for some water conservation measures to be implemented after purchase,” added Cullen.
Charles DuBose of Phillips Realty Capital represented the borrower in this transaction and said: “This is our third deal with this client and Hunt Mortgage Group. Each one has been closed on time and as outlined in the application with respect to proceeds, spread and reserves, etc. Hunt Mortgage Group is proactive and does a great job keeping all parties informed throughout the process, which generally results in a very smooth closing.”
The property is located on Stratford Road off of Richmond Road/Route 60 in the city of Williamsburg, Virginia. Williamsburg had an estimated population of 14,068 as of 2016 and lies within the northern part of the Norfolk-Virginia Beach-Newport News MSA.