Durham Greens Apartments is a garden style apartment complex comprised of 18 buildings, including a single-story leasing office, a mini-storage building and 16 residential buildings. The property was built in 1985 and contains a total of 316 units.
The borrower is Morris-Crocker Associates, LP, a California limited partnership and domestic single asset entity backed by The Morris Family. The loan has a ten-year term amortizing over 30 years with 9.5 years of yield maintenance.
“The Morris Family have been repeat Hunt and Fannie Mae clients since 1995. They are seasoned owner-operators that have consistently and successfully performed in managing the properties in their portfolio,” noted Richard Olrich, Managing Director at Hunt Mortgage Group. “Hunt has provided financing for several loans in the Morris portfolio, most recently an $8.3 million Freddie Mac loan to refinance a 1776 Apartments, a multifamily property in San Jose, California.”
Property amenities include a leasing office, two pools, a spa, tennis courts, basketball court, a sand volleyball court, BBQ/picnic area, fitness center and a natural running track along the north boundary of the Property. There is also a community vegetable garden for residents to use and the property has 632 parking spaces including 316 carports and 316 open spaces.
“Durham Greens Apartments is in good condition, well located, offers a unit mix ideal for the targeted tenancy base of families in the area, along with a competitive amenity package,” added Olrich. “We were pleased to add this loan to the Morris family portfolio.”
The property is located in Alameda County, in the East Bay area of Northern California. It is situated at the north-eastern sector of the Silicon Valley near the South-Fremont high technology corridor near highways 680 and 880 that offers residents easy access to employment centers in the San Francisco Bay Area and the Silicon Valley.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.