TODAY’S DEALS: Hunt Mortgage Provides $6M, Full-Term Interest-Only, Bridge Loan
Hunt Mortgage Group announces that it has provided a $6 million bridge loan to refinance Sun Bay Apartments; and Colliers completes the sale of a 228-unit Class B property in Austin, Texas.
New York—Hunt Mortgage Group announced that it has provided a $6 million bridge loan to refinance Sun Bay Apartments, a multifamily property located in Winter Park, Fla.
Sun Bay Apartments is a garden-style multifamily property that consists of 11, two-story buildings and a total of 194 units. The property is located at 7001 Aloma Avenue. The loan is a 12-month bridge loan with a full-term interest-only and a provision allowing for two, six-month extensions.
“The borrower purchased the property in 2011 and spent approximately $1.6 million to complete exterior and interior upgrades at the property,” says Steven Cox, managing director at Hunt Mortgage Group. “The proceeds of the loan will be used to pay back the owners for the capital and occupancy improvements implemented over the past two years.”
Property upgrades included installing a split AC system, re-piping and installing water heaters, retrofitting gas stoves to electric, installing a dog park, HVAC, roof repairs, landscaping and common area improvements, as well as clubhouse and fitness center upgrades.
“The borrower is a new Hunt client, but they are experienced commercial real estate investors, with ownership in multiple multifamily assets,” adds Cox. “The property is well maintained and is located in the Orlando MSA, which has shown resilience in bouncing back from the recent tough economy by posting a low unemployment rate and rising GDP.”
The deal was closed by Hunt Mortgage Group’s deal team in Miami and was brokered by Adam LeBlanc of the Meridian Capital Group in Boca Raton, Florida office.
Sun Bay Apartments contains a mix of one- and two-bedroom units, and a single four-bedroom unit, which was created by combined two two-bedroom units. Property amenities include an on-site leasing office, two pools, gazebo, dog park, shared laundry facilities and a fitness room.
Colliers completes sale of 228-unit Class B property in Austin, Texas
Phoenix–Colliers International in Greater Phoenix recently completed the sale of the 228-unit Promontory Point Apartments, a Class B community in Austin, Texas.
Hamilton Zanze of San Francisco purchased the community, located at 2250 Ridgepoint Drive, from Promontory Point Holdings LLC of Arcadia, Calif.
The transaction was brokered by Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president, in Colliers International’s Phoenix office with Teresa Lowery, principal/partner, in Colliers’ Houston office.
“We are thrilled with the closing of Promontory Point with Hamilton Zanze. Based on our past experience, we knew they were the right buyer,” Cooke says.
Hamilton Zanze’s Acquisitions Senior Director David Nelson says of the transaction, “Promontory Point is a great addition to our portfolio. The Austin market has strong fundamentals, and we look forward to continuing to expand our presence there.”
Built in 1983, Promontory Point is a garden-style community with 17 buildings on 9.10 acres. Within 183,600 square feet, the unit mix is 48 studios, 120 one-bed/one-bath units and 60 two-bed/two-bath units. Apartments were upgraded in 2007 with flooring, brushed nickel hardware, new appliances and refinished countertops.
Capital improvements were completed in 2012. The exterior was painted, and the drainage and erosion system modified. Other upgrades included barrier fencing, new exercise equipment, signage and landscaping, pool resurfacing, gutter and downspout repairs, and office furniture and fixtures.
The community originally had 18 buildings, but a fire in January 2013 razed one building and its 24 one-bedroom apartments. The seller had plans to rebuild with a different unit mix, but the project is on hold as Hamilton Zanze is in the process of deciding how to proceed.
“Hamilton Zanze is very familiar with the Austin market and recognized the immediate value that could be added to Promontory Point,” says Cooke.
To date, the Colliers Cooke Team has brokered 24 properties with Hamilton Zanze.
The Colliers Cooke team has maintained a strong track record of closing 97 percent of their listings over the last 30 years.