Hunt Mortgage Group Lends $25M to Refinance Poughkeepsie Apartments
By Matt Grossman November 20, 2017 2:19 pm
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The Kamson Corporation has sealed a $25 million Freddie Mac loan to refinance an apartment complex in Poughkeepsie, N.Y., Commercial Observer can first report.
New York City-based Hunt Mortgage Group provided the 30-year loan—with a seven-year fixed rate—on the development, Mountain Brook Apartments. Shloime Goldstein, of Brooklyn’s Skyline Capital, brokered the deal.
Mountain Brook, located at 134-154 Innis Avenue, is about two mile northwest of downtown Poughkeepsie. Its 17 buildings, built in 1965, comprise 288 one-, two- and three-bedroom rental apartments, totaling 242,000 square feet. The site also features a playground and a small swimming pool.
Since purchasing the complex in early 2016, Kamson has “implemented a capital-improvement program that includes roof replacements, apartment renovations and installation of a security system which has helped successfully improve overall operations,” Steven Cox, a managing director at Hunt Mortgage Group, said in a statement. “The refinance will enable the borrower to implement additional capital improvements and possibly acquire more multifamily assets in and around the New York City metropolitan market.”
Mountain Brook is nearly fully occupied, according to the lender.
Median residential rents in Poughkeepsie have risen slightly this year, up about 8 percent from last September to $1,800, according to Trulia. Sixty-eight percent of residents are homeowners, and the median household income is just under $64,000.
The city marks the northern terminal of Metro-North Railroad’s Hudson line. A rush-hour one-way trip to Grand Central Terminal takes about 100 minutes.
Representatives from Hunt Mortgage, Kamson and Skyline Capital did not respond to requests for comment.
