Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property located in Stamford, Connecticut.
Park Square West Apartments is a nine-story property that is located at 101 Summer Street. The property was built in 1999 and is comprised of 143 residential units, two commercial spaces and a 213-space parking garage. The unit mix features 10 studios, 64 one-bedroom units, 64 two-bedroom apartments, and five three-bedroom units.
The loan is structured as a 24-month floating rate loan with three options to extend the term of the loan for a period of 12 months each. The residential component is currently 92% occupied and the commercial component is 100% occupied.
“Since acquiring this property, the borrower has invested approximately $367,000 in a variety of capital improvements including repainting the common areas, replacing common area carpeting, lighting and security upgrades, and interior renovations on eights units,” noted Steven Cox, Managing Director at Hunt Mortgage Group. “The new loan was structured to include a $703,000 capital improvement reserve which will go towards continued renovation and improvement of the property.”
Additional improvements planned include interior renovations of 48 of the property’s units, including replacing countertops and cabinets, flooring upgrades, installation of new lighting and bathroom fixtures, and kitchen appliance upgrades.
“The borrowers are highly skilled and seasoned investment professionals who are well versed in leveraging a variety of financial solutions throughout the capital stack, including joint venture equity, preferred equity, mezzanine investments and acquisitions,” added Cox. “We were pleased to deliver on this loan for Park Square West Apartments, a well located and solid performing asset.
Situated in the heart of downtown Stamford, Park Square West is a short walk to the Stamford Transportation Center, which offers the Amtrak and Metro North, just one express stop from Manhattan. The location is in close proximity to major transportation networks and is within walking distance to many quality retail and entertainment venues.
“The city of Stamford itself is about 35 miles from Midtown Manhattan and many residents within the MSA commute to New York City which helps sustain income growth and support its housing and consumer industries,” concluded Cox.
Property amenities include a concierge, shuttle service, valet dry cleaning, roof deck, fitness center, garage parking, and a ground floor restaurant.