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.
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.”