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Posted: June 20, 2017
News Outside the Region: Hunt Mortgage Group provides $23.5m loan for two Atlanta properties
Atlanta, GA Hunt Mortgage Group provided a first mortgage bridge loan in the amount of $23.5 million to refinance The Marquis Brookhaven Portfolio that consists of two multifamily properties.
The borrower is Terraces at Brookhaven, LLC. The new bridge loan will refinance the existing debt and preferred equity on Terraces at Brookhaven, a 244-unit garden-style multifamily complex. The financing will also be used to acquire and partially renovate Northeast Terrace Apartments, a 100-unit garden-style multifamily complex.
The loan is structured as a 36-month floating rate loan with two one-year options to extend. The loan is interest-only for the entire term.
“Proceeds from the new loan will refinance existing debt, facilitate the acquisition of one property, retire preferred equity, and is also inclusive of a $350,000 capital improvements reserve,” said RJ Guttroff, managing director at Hunt Mortgage Group. “Planned capital improvements include: interior unit renovations, upgraded amenities, installation of water savers and new signage.”
Terraces of Brookhaven is located at 3510 Buford Hwy. The property was built in 1968 and is comprised of 22 buildings including 21 two- and three-story apartment buildings and one, two-story clubhouse/leasing office. Terraces of Brookhaven is 91% physically occupied and property amenities include: a swimming pool, playground, and laundry facility.
Northeast Plaza Apartments was built in 1966 and is located at 3506 Buford Hwy. The subject is comprised of 13, two-story apartment buildings and is 90% physically occupied. Property amenities include a swimming pool, playground, and laundry.
“The borrowers are seasoned commercial real estate and multifamily investors,” added Guttroff, managing director at Hunt Mortgage Group. “Both properties are well located in an area in need of additional housing supply. We were pleased to deliver this bridge loan to a quality borrower. We believe Atlanta continues to be a strong performer in commercial real estate and the local housing market is vastly undersupplied.”
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