Real Estate Weekly
Image default
Deals & Dealmakers

Hunt Mortgage provides $10.25M loan for multifamily acquisition

Hunt Mortgage Group provided a bridge loan in the amount of $10.25 million for the acquisition of a multifamily housing property located in Greensboro, North Carolina.

Photo by Tracy O/Flickr
Photo by Tracy O/Flickr

Serenity Apartments at 199 Wind Road and is a 276-unit garden-style multifamily complex.  The property was built in 1985 and is comprised of 12 three-story apartment buildings and a leasing office.

The first mortgage bridge loan was structured for borrower HCA Villages Greensboro, LLC. The proposed loan amount is inclusive of a $1.2 capital improvement reserve that will go toward property renovations and improvements. The loan is structured as a 36-month floating rate interest-only loan, with no options to extend the loan term. Following the renovation, the property will be re-branded to Summit Village Apartments.

“The borrowers are seasoned commercial real estate and multifamily investors who have focused on acquisitions and apartment management throughout the Southeast for a number of years,” noted RJ Guttroff, Managing Director at Hunt Mortgage Group.

“Working together as partners, they currently serve as asset/property managers for more than 2,000 multifamily units handling every aspect of management.”

“Serenity Apartments is currently 94% occupied and is well located in a strong market for quality multifamily rental properties,” added Guttroff. “We were pleased to deliver acquisition financing for this solid sponsor.”

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando