StoneRiver Secures Financing for Tennessee Acquisition
- Apr 16, 2020
StoneRiver Co. has secured $27.4 million to acquire and renovate Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga, Tenn. Hunt Real Estate Capital provided the 30-month non-resource interest-only first mortgage bridge loan with three extensions options.
Located at 1185 Mountain Creek Road, the community comprises of 19 two- and three-story buildings and provides access to Highway 27. Developed in 1986, on a 42.9-acre site, the property is situated near schools, entertainment venues, shopping centers and restaurants.
Rise at Signal Mountain offers residents a mix of one- and two-bedroom units featuring in-unit washer-dryers. Amenities include a fitness center, business center, dog park, storage unit, swimming pool, car wash station and picnic area with barbecue grills.
The property was 99 percent occupied at the time of the transaction. StoneRiver Co. plans to complete exterior, common area and amenity upgrades to the property. Exterior renovations will begin this month and are projected to be completed in six to nine months.
Earlier this year, Hunt Real Estate Capital provided a loan for the purchase and renovation of Daytona Beach Apartments.