08, 2017 (GLOBE NEWSWIRE) -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $9.2 million Freddie Mac loan to enable the acquisition of a multifamily property located in Eagle, Idaho. The transaction was sourced by Terry Painter at Business Loan Store. Eagle River Apartments is an 80-unit, garden-style apartment facility located at 827 East Riverside Drive. The property is situated on a 5.38-acre site and has 20 one-bedroom, 40 two-bedroom, and 20 three-bedroom units in six, two-story apartment buildings. The borrower will be using funds from a deferred exchange for a portion of the purchase price of the property, explained Sergey Klimov, Vice President at Hunt Mortgage Group. The remaining balance of the funds will come from a Reverse 1031 Exchange, where the borrower will sell another property in the next 180 days to facilitate the reverse exchange. This is a rather unusual deal structure. At Hunt Mortgage Group, we useful site have only closed a handful of select reverse 1031 exchanges. The borrower is Eagle Riverside, LLC and #308 Pioneer Exchange Accommodation Titleholder, LLC as tenants in common. The loan is structured with a seven-year term.
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