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.