Hunt Mortgage Secures $14M for NC, VA Properties
The loan was for the acquisition of Fiddler's Creek Apartments in Winston-Salem, N.C. and Baywatch Pointe Apartments in Virginia Beach, Va.
By Laura Calugar
Hunt Mortgage Group has provided two loans to facilitate the acquisition of two multifamily properties for the same sponsor. Total funding equals $14.2 million. The properties include Fiddler’s Creek Apartments in Winston-Salem, N.C. and Baywatch Pointe Apartments in Virginia Beach, Va. According to Yardi Matrix data, Cedar Grove Capital is the owner of the two properties.
Fannie Mae loans
Hunt Mortgage Group provided a $4.8 million Fannie Mae loan for the acquisition of Fiddler’s Creek Apartments, a 160-unit garden-style community located at 2180 Fiddlers Court. The loan term is seven years. The previous owner made substantial capital improvements to the property over the past three years, investing more than $300,000 in upgrades. Post-closing, the borrower intends to spend an additional $150,000, most of which will be dedicated to “green” improvements. The property features one-, two- and three-bedroom units. Amenities include:
- tennis court
- swimming pool
- Barbecue areas
- 263 parking spaces
Hunt Mortgage Group also provided a Fannie Mae conventional multifamily loan in the amount of $9.4 million for the acquisition of Baywatch Pointe Apartments. The loan term is seven years. Located at 5414 Catina Arch, the property consists of 12 buildings which include 160 one-, two-, three- and four-bedroom units. The sponsor plans on investing approximately $270,000 in interior renovations upon acquisition. Amenities include:
- swimming pool
- fitness center
- 320 parking spaces
“The borrowers are well-established commercial real estate and multifamily investors. All of these properties are performing well and will continue to be improved,” said Hunt Mortgage Group Managing Director Steven Cox, in prepared remarks.
Images courtesy of Yardi Matrix