Buffalo Multifamily Properties Land Fannie Mae Loans
Amherst, N.Y. — Hunt Mortgage Group has arranged two Fannie Mae loans that were used by the same sponsor to acquire two multifamily properties in the suburban Buffalo town of Amherst, N.Y.
The 10-year loans amortize over 30 years and feature two years of interest-only.
Alberta Square Apartments
Alberta Square Apartments, located at 386 Alberta Drive in Amherst, N.Y., landed a $2.5 million acquisition loan. The 1965-built asset sits on 2.3 acres and includes three, two-story buildings with 48 units in total.
Bowdoin Square Apartments
Located roughly 3 miles to the east at 1260 North Forest Road sits Bowdoin Square Apartments, a 70-unit property that landed a $5 million acquisition loan. It was built in 1968, sits on 7.9 acres and features eight, two-story buildings plus two garage buildings.
According to Hunt Mortgage Group managing director Steven Cox, the area is expected to see positive population and household growth over the next five to six years.