Connect with us

Top Stories

Hunt Mortgage Group Finances the Acquisition of a Multifamily Property Located in Austin, Texas

Hunt Mortgage Group Finances the Acquisition of a Multifamily Property Located in Austin, Texas

— Total funding equals $12.66 million —

NEW YORK- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $12.66 million first mortgage bridge loan to enable the acquisition and renovation of a multifamily property located in Austin, Texas.

The property is a 160-unit garden-style multifamily property that was built in 1984. It is situated on a single parcel of land totaling 4.481 acres and consists of 10, three-story apartment buildings and a clubhouse/leasing office building.

The loan is structured as a 36-month floating rate loan with two, one-year options to extend the loan term.

“The borrower is a multifamily property investment company focused on the acquisition of value-add apartment complexes,” explained RJ Guttroff, Managing Director at Hunt Mortgage Group. “The firm has been acquiring investment properties since 2012, targeting quality projects that provide value-add and opportunistic returns. They have the ability and experience to quickly recognize opportunities and close in a timely manner.”

The borrower plans to employ a $1.59 million capital improvement plan. This will include repairs and replacements to the exteriors of the property, additional landscaping, upgraded signage, clubhouse renovation with pool upgrades, flatwork repairs, parking lot resurfacing, plumbing fixes, foundation work, stair repairs and roof repairs. Planned interior improvements include installation of stainless steel appliances and other bathroom and kitchen upgrades.

“The borrower has successfully renovated and improved other assets within the local market,” added Guttroff. “He has a strong track record and experience in acquiring, renovating and managing multifamily apartments communities. We were pleased to partner with him and provide this new loan.”

Property amenities include a management office, laundry facility, swimming pool, a spa, a dog park, BBQ and picnic area and gated access. The property is comprised of 58 efficiencies, 48 one-bedroom apartments and 54 two-bedroom apartments.

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now