Hunt Mortgage Group Delivers Financing for NC Property

The New York-based company provided a $10 million loan for the acquisition and renovation of 276-unit Serenity Apartments in Greensboro.
The Serenity Apartments in Greensboro, N.C.

The Serenity Apartments in Greensboro, N.C.

Greensboro, N.C.—Hunt Mortgage Group recently announced that it has arranged a bridge loan in the amount of $10 million for a multifamily housing property in Greensboro. The first mortgage bridge loan was structured for borrower HCA Villages Greensboro LLC. The proposed loan amount is inclusive of a $1.2 million capital improvement reserve that will be spent on property restorations and improvements. The loan is structured as a 36-month floating rate interest-only loan, with no options to extend the term. Following the renovation, the asset will be rebranded to Summit Village Apartments.

“The borrowers are seasoned commercial real estate and multifamily investors who have focused on acquisitions and apartment management throughout the Southeast for a number of years. Working together as partners, they currently serve as asset/property managers for more than 2,000 multifamily units handling every aspect of management,” said RJ Guttroff, managing director at Hunt Mortgage Group, in a prepared statement.

Located at 199 Wind Road, approximately 5 miles north of downtown Greensboro, Serenity Apartments is a 276-unit garden-style community, part of the Greensboro-High Point metropolitan service area. Built in 1986, the property consists of 12 three-story apartment buildings and a leasing office. The asset features 12 studios, 120 one- and 144 two-bedroom units. According to Yardi Matrix data, amenities include a tennis court, a swimming pool and 572 parking spaces.

Improvement plans include interior renovations for 125 units, replacing countertops and cabinets, flooring upgrades, installation of new lighting and bathroom fixtures, as well as full kitchen appliance upgrades. Exterior renovations include landscaping improvements, asphalt repairs, common area improvements, tennis court repairs, exterior painting and new cement board siding on all buildings.

Currently, Serenity Apartments is 97 percent occupied.

Image courtesy of Yardi Matrix