New York, NY – February 9, 2016 – (RealEstateRama) — Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $31.5 million floating rate bridge loan to enable the acquisition of a mixed-use property located in South Bend, Indiana.
Located at 3001 E. Jefferson Blvd, Park at Jefferson Apartments is a garden-style multifamily property that is comprised of 30, two-story residential buildings with a total of 734 apartments and five commercial spaces.
“The purpose of the bridge loan is to facilitate the acquisition of Park at Jefferson and to enable funding for the renovation and re-positioning of the property,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “The loan facility we put into place includes $26.5 million for the purchase of the property and $5 million for necessary capital expenditures to be completed at the property.”
The borrower, Laurenze Place LLC, is a newly formed Delaware limited liability company and special purpose entity. The borrower plans to spend $6,300/unit renovating interior units and $1.5 million on exterior improvements, including paving and concrete, landscaping, hallway renovation and signage.
“Thirty-six units have been renovated from a 2009 fire and the property is rebounding nicely since the fire,” added Cox. “The property is currently 94% occupied and has been steadily increasing to its current occupancy level.”
“The Client is a new Hunt Mortgage Group client, but is a seasoned commercial real estate and multifamily investor and quality sponsor. He focuses on providing tenants and clients with quality places to live, work and operate in an effort to create pride and longevity,” concluded Cox.
The deal was brokered by Stephen Katz with GCP Capital Group. He noted, “The Hunt Mortgage Group team was a pleasure to work with on this deal. They were able to get the loan from application to close in a swift 28 days. We hope to partner with them again in the very near future.”
The Hunt Mortgage Group deal team that closed this loan included Cox, Ian Monk, Vice President, Originations and Michael Golfman, Vice President, Underwriting.