NEW YORK, March 22, 2018 /PRNewswire/ -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a first mortgage bridge loan in the amount of $10.5 million to finance the acquisition and renovation of a multifamily property located in Sandy Springs, Georgia, which is approximately 13.9 miles north of the Atlanta central business district.
This garden‐style multifamily complex has a total of 102‐units. The loan is structured as a 36‐month floating rate loan with two options to extend the loan term for a period of 12 months each. The financing was arranged by Majority Capital Advisors Inc., a New York City based advisory firm.
"This loan is comprised of $8.3 million of initial funding that will be used to finance the acquisition of the property and $2.2 million in a future funding commitment that will be used for capital improvements to renovate the property," explained RJ Guttroff, Managing Director at Hunt Mortgage Group.
"The borrowers are part of a privately held real estate company dedicated to the acquisition and management of apartment properties throughout the Southeast, Mid‐Atlantic and South‐Central region of the United States," added Guttroff. "They are also repeat Hunt Mortgage Group customers."
Planned interior improvements include granite countertops, stainless steel appliance upgrades, painting, tile backsplashes in kitchens, cabinet replacements as needed, installing washer/dryer connections, carpet and vinyl plank flooring upgrades, and installation of modern lighting and bathroom fixtures. Exterior upgrades include repainting the exteriors, asphalt repairs and restriping the parking lot, converting the leasing office to a fitness center, building a larger leasing office, interior corridor and common area renovations, landscaping improvements, roof repairs, replacement of all windows and patio doors, pool/amenity improvements, and signage upgrades.
"We were pleased to deliver this loan to a quality local borrower. Atlanta continues to be a strong performer in commercial real estate and the local housing market is vastly undersupplied," concluded Guttroff.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $13.4 billion. Headquartered in New York City, Hunt Mortgage Group has 232 professionals in 25 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.
Hunt Mortgage Group
SOURCE Hunt Mortgage Group