Hunt Mortgage Partners uses Freddie Mac to Finance the Rehabilitation and Preservation of an Affordable Housing Property in Portsmouth, Virginia | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: Hunt Mortgage Partners, LLC today announced it provided financing to facilitate the acquisition and moderate rehabilitation of a multifamily property located in Portsmouth, Virginia. The total investment was $4.7 million. The property being bought is Dale Homes Phase I, a single parcel containing 146 units. The loan has an eighteen-year term, with two-years interest-only payments and a 35-year amortization schedule beginning in year three. “Dale Homes will be part of the Rental Help Demonstration (RAD) program in which its public housing units will be converted to project-based Section 8 housing with a 20 year HAP contract in-place at closing for 100% of the units,” clarified Joshua Reiss, Assistant Vice President at Hunt Mortgage Group. “The property will remain affordable housing relying upon LIHTC financing, and other sources, to finance the rehabilitation of the property,” noted Reiss. “By converting through the RAD program the property receives two 20 year project based rental help contracts thereby preserving affordability for the next 40 years.”)