Hunt Mortgage Group, a commercial real estate lender, announced it has closed its first loan in the healthcare sector through its Proprietary Loan Group, the firm’s new balance sheet lending platform launched earlier this year.
Hunt Mortgage Group provided a bridge loan in the amount of $8.85 million to refinance Autumn Leaves of Rockwall, an assisted living facility located in Rockwall, Texas. The borrower is Rockwall Memory Care, LLC, a Texas limited liability company. The parent company is The LaSalle Group out of Irving, Texas. The loan terms include a 24-month term, plus one 12-month extension option.
“The proprietary loan platform was created to extend our balance sheet lending capability to finance commercial properties in a variety of asset classes,” explained Greg Calvert, Senior Managing Director and Chief Credit Officer at Hunt Mortgage Group. “We are pleased to close our first healthcare deal through the program.” Other asset classes the proprietary lending group services include manufactured housing, office, retail, industrial and self-storage facilities."
Autumn Leaves of Rockwall is a 26,245 square foot assisted living facility that is licensed for 50 beds. The facility was built in 2011 and is a one-story building located on a 3.187-acre parcel of land.
“Autumn Leaves of Rockwall opened in December 2011 as a dementia assisted living facility, quickly leased to stabilization in mid-2013, but took a dip in 2014 after a new competitor opened in the same market,” explained James Neil, Director of Healthcare Lending at Hunt Mortgage Group. “In 2015, LaSalle successfully regained market share and the subject occupancy has rebounded. As of mid-summer, occupancy reached 91% and management is projecting stabilization shortly. Pretty remarkable,” says Neil.
The Hunt Mortgage Group deal team involved in the financing included Neil, who served as originator, and Jenifer Williams, who led the underwriting team.
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a market leader focused on financing commercial real estate throughout the United States. The company finances all types of multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities nationwide. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own proprietary loan products. The company maintains a servicing portfolio of $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 147 employees located in 15 locations throughout the United States.