Washington, D.C. – January 13, 2015 – (RealEstateRama) — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $10.2 million Fannie Mae loan to refinance Windemere at Tall Grass I, a multifamily property located in Wichita, Kansas.
Located at 8220 East Oxford Circle, Windemere at Tall Grass I is part of a two-phase multifamily complex that combined spans 280 units. Windemere at Tall Grass I has204 units, while phase II which is immediately adjacent to the property has 76 units.
The borrower is Windemere Development, Inc., backed by Carolyn Gaddis and the Gaddis family. The loan terms include a fully amortizing 30-year term and a 15-year yield maintenance period at a 5.00% interest rate. The Property was originally built in 1991 by the Gaddis family and has been managed by the family for nearly 24 years.
“I first refinanced this for the Gaddis family in 2006 and then later provided them with a supplemental loan. This past spring they recognized that it would be better to rate lock and close with a prepayment penalty than wait for a 2016 maturity,” commented Bryan Cullen, Managing Director with Hunt Mortgage Group. “The loan was locked in April before a Fannie Mae rate increase and we funded the last day of August.”
The property is located on a 12 acre site, and includes 13, two- and three-story garden-style apartment buildings. The unit mix includes 98 one-bedroom, one-bathroom units; four one-bedroom, one-and-a-half bathroom apartments; 93 two-bedroom, two-bathroom units; and nine two-bedroom, two-and-a-half bathroom townhouse units with attached garages.
“I have worked with Bryan since 2006. We spent the last couple of years trying to figure out the best timing. Hunt Mortgage Group was able to get me an early rate lock commitment and fully amortize our loan to fit our long-term plans,” says Doug Gaddis.