Hunt Real Estate Capital has provided a $9 million loan for the acquisition and renovation of Carlton Scott Apartments and Stonegate Apartments, a student housing portfolio totaling 196 beds in Blacksburg, Va. The company worked on behalf of the borrower, Willow Creek, which will use the loan to acquire and fund various interior and exterior upgrade to the properties.
Located at 500 Broce Drive and 600 Appalachian Drive, the communities consist of 13 two- and three-story buildings totaling 92 units. Stonegate features four one-bedroom/one-bathroom, 36 two-bedroom/one-bathroom and 20 two-bedroom/one-bathroom units ranging in size from 750 to 1,054 square feet. Carlton Scott includes 16 two-bedroom/one-bathroom and 16 three-bedroom/two-bathroom units ranging from 920 to 1,024 square feet.
“Carlton Scott and Stonegate are located one mile northwest of Virginia Polytechnic Institute and State University and were constructed between 1960 to 1969,” Kevin Deegan, director at Hunt Real Estate Capital, said in a prepared statement. “The new owner plans to begin working on the exterior with capital improvements immediately after closing. The projected completion of most of the exterior work is targeted for May 2019.”
In another recent deal, Hunt arranged a bridge loan for a 134-unit community in Dallas.
Image via Google Street View
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