Hunt Finances Purchase of Student Housing Property in Iowa

South Meadow Apartments in Ames, Iowa, is 100 percent occupied and has been for three consecutive semesters. South Meadow Apartments in Ames, Iowa, is 100 percent occupied and has been for three consecutive semesters.

Ames, Iowa — Hunt Mortgage Group has provided a Fannie Mae loan in the amount of $6.4 million to finance the acquisition of a student housing property located in Ames.

South Meadow Apartments is a 182-unit apartment complex that is located near the campus of Iowa State University. The property consists of seven, two- and three-story buildings and the unit mix is 148 one-bedroom, one-bathroom apartments; 15 two-bedroom, one-bathroom units; and 19 three-bedroom, one-bathroom units.

South Meadow Apartments is 100 percent occupied and has been for three consecutive semesters. The property is also fully pre-leased for the 2015-2016 school year.

The borrower is South Meadow Co-Op Inc., backed by Daniel Joseph, Hagan Brown and David Raisner. The loan has a seven-year term that will amortize over 30 years.

Property amenities include common laundry areas with coin-operated washers and dryers and each building has a courtyard with a picnic table and BBQ. Five of the seven buildings have carports available for rent and storage is available on the lower level of these buildings. South Meadow Apartments has a total of 108 carports and 150 open parking spaces.

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