Hunt Real Estate has secured a bridge loan for the acquisition and renovation of Royal Orleans, a 134-unit community in Dallas. Michaell Voss, managing partner of WindMass Capital, sponsored the loan.
Located at 1540 Chenault St. on approximately 17 acres, Royal Orleans consists of two- and three-story buildings. The garden-style community encompasses a mix of one- and two-bedroom units ranging from 606 to 882 square feet. Common-area amenities include:
- swimming pool
- laundry facilities
- 200 parking spaces
According to real estate data provider Yardi Matrix, the property was 94.8 percent occupied as of September. Immediately after the closing, Royal Orleans will undergo a capital improvement plan which will include changing its name to FifteenForty, as well as various interior and exterior upgrades such as new kitchen appliances, cabinets, countertops, new lighting, laminate flooring, revived common areas, gate motors, clubhouse and pool.
“The borrower’s goal is to complete all renovations in 18 months, with interior renovations occurring in units and as they are vacated,” Charlie Cole, director at Hunt Real Estate Capital, said in a prepared statement.
In another recent deal, Hunt also arranged Freddie Mac loans totaling $7.4 million for two communities in Chicago’s Bronzeville neighborhood.
Image courtesy of Yardi Matrix