Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it facilitated the acquisition of a multifamily portfolio located in Tampa, Florida. The total loan amount provided is $26.8 million.
The Tampa 652 Portfolio is a four property, 652 unit portfolio of garden-style multifamily assets. The loan amount includes a $5.2 million capital expenditure holdback that will be used for the property renovation and improvement. The loan is structured as a two-year floating rate loan with two options to extend the term for periods of six months each.
“The borrower is a repeat Hunt Mortgage Group client who has closed seven loans with us, all of which are properties in Central Florida,” explained Steven Cox, Managing Director at Hunt Mortgage Group. “The sponsor has deep local market knowledge and has been developing, managing, contracting and investing in real estate assets for more than 35 years.”
The properties include:
- Puritan Place Apartments. Puritan Place Apartments was built in 1974 and is located at 7903 Holly Lea Court. The property is a 232-unit, apartment complex comprised of 32, two-story buildings. Project amenities include: a leasing office, two swimming pools, three laundry rooms, a tennis court, and a playground. Upon renovation, the sports court and playground will be brought back to working order. The pools and deck areas will also be upgraded at that time.
- Rivertree Landing Apartments. Located at 6909 Indian River Drive, Rivertree Landing Apartments was built in 1974 and is a 228-unit apartment complex comprised of 18, two-story buildings. Project amenities include: a clubhouse, swimming pool, two laundry rooms, and dock access to the Hillsborough River.
- Laurel Chase Apartments. Laurel Chase Apartments was built in phases between 1967, 1968 and 1972, and is located at 1426 Marathon Key Drive. It is a 122-unit, multifamily complex comprised of nine, two-story buildings. Property amenities include: a clubhouse, swimming pool, and laundry room. Upon renovation, the clubhouse will be renovated, including the addition of an outdoor poolside kitchen.
- Palm River Apartments. Constructed in 1986, Palm River Apartments is a 70-unit, apartment complex comprised of 18, one- and two-story buildings. Project amenities include a leasing office and playground. Upon renovation, the leasing office will be renovated and the entrance expanded by 100 square feet. The perimeter of the property will receive new privacy fencing and the existing vacant sports court will be refinished and upgraded.
“The company acquiring these properties has extensive experience with the purchase and turnaround of underperforming multifamily assets and currently owns 18 multifamily properties including 1,115 multifamily units,” added Cox. “All of these properties are currently undergoing full renovation, repositioning, and rebranding. We were pleased to deliver these loans to this quality sponsor and look forward to seeing their turnaround success in action again.”