Hunt Mortgage Group has provided a $10 million acquisition loan to Seaside Villas Florida LLC for its purchase of a garden-style multifamily community in Gulfport, Fla. According to Yardi Matrix, Eric Schifferli purchased the asset for $20 million from McKinley Properties. The Freddie Mac loan was offered at a variable rate with a seven-year structure.
Located at 3209 58th St. S., the property comprises 121 units across three, three-story buildings. Floorplans are offered in studio, one- and two-bedroom floorplans ranging from 265 to 1,115 square feet. Interior features include washer/dryer hookups, high ceilings and private balcony/patios. Residents have access to amenities including:
- kayak storage
- fire pit
- outdoor grill
- three pools
- dog park
- laundry facilities
- 230 parking spaces
Managing Directors Richard Olrich and Marc Suarez, as well as Vice President Krage Olrich arranged the financing on behalf of the buyer.
“Seaside Villas was built in 1964 but was significantly renovated in 2015 and is in very good physical condition, including all units,” said Richard Olrich, in a prepared statement. “The property is 100 percent occupied and is being acquired by a seasoned commercial real estate and multifamily investor. We were pleased to serve as the finance partner on this transaction.”
Hunt Mortgage Group has had a busy start to 2018. Just last month, the company provided a $12 million Fannie Mae loan to refinance Cornerstone Apartments, a 240-unit partially affordable community in Dallas. The new loan includes a 12-year term and amortizes based on a 30-year schedule.
Image courtesy of Yardi Matrix