Equis Residential Obtains Financing for Daytona Beach Apartments
The bridge mortgage funds the purchase and renovation of the garden-style property.
Blue Tide Apartments
Equis Residential has obtained a $9.3 million acquisition and development loan for Blue Tide Apartments, a 108-unit community in Holly Hill, Fla. Hunt Real Estate Capital provided the bridge mortgage which is set to mature in 2021 and has two six-month extension options. According to Yardi Matrix data, Equis acquired Blue Tide from Swerdlow Group.
Completed in 1972, the five-building property is situated on 4.3 acres at 301 Riverside Drive, on the bank of Halifax River and roughly 2 miles north from Daytona Beach, Fla. The community consists of 48 one- and 60 two-bedroom units. Amenities include a barbecue area, two laundry facilities and a fishing dock.
The borrower intends to invest $1.7 million in capital improvements at the property, which are set to include roof repairs, landscaping improvements and the installation of an exterior gate. Additionally, the new owner plans to replace windows, awnings, exterior doors and upgrade the pool and the clubhouse. At the time of the transaction, the community was 90 percent occupied.
Hunt Real Estate has been active in other southern markets, as well. Recently, the firm provided a total of $61.1 million in loans for the acquisition of three Georgia communities.
