Hunt Mortgage Arranges $9M Loan in Newport News, VA

Hunt Mortgage Group has arranged an $8.7 million acquisition loan for Lee’s Landing in Newport News, Va. Geller Associates purchased the 136-unit community through a single-purpose LLC. The 12-year Fannie Mae loan bears five years of interest-only payments, a 30-year amortization period and a yield maintenance period of 11.5 years. Lee’s Landing consists of two-bedroom/two-bathroom units only, 802 square feet in size. The property, constructed in 1987, comprises 22 buildings and a leasing office and clubhouse. Common amenities also include a playground, swimming pool and 220 parking spaces.