Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage
ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage.
The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company.
The transactions included:
- A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule.
- A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.