Hunt Mortgage Group has provided an $11 million first mortgage bridge loan for the acquisition of the 104-unit Regency Park Apartments in North Central Phoenix. Two tenant-in-common borrowers, Palos Verde Phoenix LLC and Regency Park Associates LLC, acquired the garden-style community from 3rd Ave Investments. According to Yardi Matrix, the acquisition price was $13.5 million.
The Hunt Mortgage funding package is structured as a 36-month floating-rate loan, with two options to extend the term for 12 months each. The loan also includes a $1.6 million future funding commitment designated for capital improvements at Regency Park.
Regency Park Apartments is located at 6333 N. 12th St. It comprises 37 one-bedroom and 67 two-bedroom units, measuring 672 and 952 square feet, respectively. Common-area amenities include a clubhouse, swimming pool, laundry facilities and 173 parking spaces. Regency Park is situated approximately 2 miles from Camelback Center, which provides ample shopping and dining destinations. Additionally, residents have immediate access to the freeway and mass transit network.
The new ownership is planning extensive renovations. Upcoming interior upgrades are set to include lowering kitchen walls to create open floorplans. Granite and quartz countertops will be added, along with new appliances, lighting and plumbing fixtures, new doors, paint and flooring. The exterior upgrades to be applied include new paint, asphalt repairs, railing improvements, signage update, as well as renovations to the pool, clubhouse, and landscaping.
“Regency Park had historically experienced high occupancy and is well located. The planned upgrades will only help boost the appeal of this already well-performing property,” said Sergey Klimov, vice president at Hunt Mortgage Group, in a prepared statement.
Photo courtesy of Yardi Matrix