Hunt Mortgage Group Provides a Bridge Loan to Refinance a Multifamily Property Located in Winter Park, Florida
— Total funding equals $6 million —
New York, NY — January 13, 2015 — Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided a $6 million bridge loan to refinance Sun Bay Apartments, a multifamily property located in Winter Park, Florida.
Sun Bay Apartments is a garden-style multifamily property that consists of 11, two-story buildings and a total of 194 units. The property is located at 7001 Aloma Avenue and the loan is a 12-month bridge loan with a full term interest only and a provision allowing for two, 6-month extensions.
“The borrower purchased the property in 2011 and spent approximately $1.6 million to complete exterior and interior upgrades at the property,” said Steven Cox, Managing Director at Hunt Mortgage Group. “The proceeds of the loan will be used to pay back the owners for the capital and occupancy improvements implemented over the past two years.”
Property upgrades included installing a split AC system, re-piping and installing water heaters, retrofitting gas stoves to electric, installing a dog park, HVAC, roof repairs, landscaping and common area improvements, as well as clubhouse and fitness center upgrades.
“The borrower is a new Hunt client, but they are experienced commercial real estate investors, with ownership in multiple multifamily assets,” added Cox. “The property is well maintained and is located in the Orlando MSA, which has shown resilience in bouncing back from the recent tough economy by posting a low unemployment rate and rising GDP.”
The deal was closed by Hunt Mortgage Group’s deal team in Miami and was brokered by Adam LeBlanc of the Meridian Capital Group in Boca Raton, Florida office.
Sun Bay Apartments contains a mix of one- and two-bedroom units, and a single four bedroom unit which was created by combined 2 two-bedroom units. Property amenities include an on-site leasing office, two pools, gazebo, dog park, shared laundry facilities and a fitness room.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.4 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 129 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.