Hunt Mortgage Group finances acquisition in Virginia Beach
Hunt Mortgage Group, a New York City-based lender, has provided a $14 million Fannie Mae loan to finance the acquisition of a multifamily property in Virginia Beach.
Waterside at Lynnhaven includes 25 apartment buildings with 192 units and a leasing office. The buildings, situated on 15.7 acres, were developed in 1966 with 168,360 square feet of space. The property offers one-, two- and three-bedroom units.
According to Hunt Mortgage Group, the property is self-managed by the borrower, Waterside DNB LLC.
“Waterside at Lynnhaven is currently 94 percent occupied, is well maintained and in good condition,” Steven Cox, managing director at Hunt Mortgage Group, said in a statement.
Project amenities include a pool and playground. All kitchens and bathrooms were renovated between 2006 and 2008, and new HVAC units were installed at the same time
Hunt Mortgage Group is a subsidiary of Hunt Cos Inc., which finances commercial real estate throughout the U.S. Today, it services a portfolio of more than $12 billion.