Hunt Mortgage Group Provides $28.4M Acquisition Loan for Multifamily Property in Reading, Pennsylvania

by Amy Works

READING, PA. — Hunt Mortgage Group has provided a $28.4 million conventional Fannie Mae loan for the acquisition of Reed Farm Apartments, a multifamily property located in Reading. Loan terms include a 12-year term with a 30-year amortization period and an 11.5-year yield maintenance period. The Reading-based sponsor purchased the subject as part of a 1031 exchange. Reed Farm Apartments is a 242-unit garden-style apartment complex consisting of 35 two-story residential structures, including a farm house that was built pre-1930 and converted into an apartment unit in 2003. The property was built in two phases between 2003 and 2005. Jame Conley of HFF represented the undisclosed sponsor in the financing.

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