Hunt Mortgage Group Provides a Bridge Loan to Facilitate the Acquisition of a Mixed-Use Property Located in South Bend, IndianaNew York, NY — February 8th, 2016
Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today that it has provided a $31.5 million floating rate bridge loan to enable the acquisition of a mixed-use property located in South Bend, Indiana.
Located at 3001 E. Jefferson Blvd, Park at Jefferson Apartments is a garden-style multifamily property that is comprised of 30, two-story residential buildings with a total of 734 apartments and five commercial spaces.
“The purpose of the bridge loan is to facilitate the acquisition of Park at Jefferson and to enable funding for the renovation and re-positioning of the property,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “The loan facility we put into place includes $26.5 million for the purchase of the property and $5 million for necessary capital expenditures to be completed at the property.”
The borrower, Laurenze Place LLC, is a newly formed Delaware limited liability company and special purpose entity. The borrower plans to spend $6,300/unit renovating interior units and $1.5 million on exterior improvements, including paving and concrete, landscaping, hallway renovation and signage.
“Thirty-six units have been renovated from a 2009 fire and the property is rebounding nicely since the fire,” added Cox. “The property is currently 94% occupied and has been steadily increasing to its current occupancy level.”
“The Client is a new Hunt Mortgage Group client, but is a seasoned commercial real estate and multifamily investor and quality sponsor. He focuses on providing tenants and clients with quality places to live, work and operate in an effort to create pride and longevity,” concluded Cox.
The deal was brokered by Stephen Katz with GCP Capital Group. He noted, “The Hunt Mortgage Group team was a pleasure to work with on this deal. They were able to get the loan from application to close in a swift 28 days. We hope to partner with them again in the very near future.”
The Hunt Mortgage Group deal team that closed this loan included Cox, Ian Monk, Vice President, Originations and Michael Golfman, Vice President, Underwriting.
Total funding equals
Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products. Since inception, the Company has structured more than $21 billion of loans and today maintains a servicing portfolio of more than $12.5 billion. Headquartered in New York City, Hunt Mortgage Group has 191 professionals in 22 locations throughout the United States.