Inland Funds $6.2M Bridge Loan

TAMPA, FL-Inland Mortgage Corp., a division of the Inland Real Estate Group of Cos. based in Oak Brook, IL, has closed a $6.2-million bridge loan with Hidden River Grande Apartments LLC, owner of the 20-year-old, 232-unit Hidden River Grand Apartments in the Temple Terrace section of the city.

Inland didn’t disclose the interest rate on the 18-month loan but says it funded 89% of the project’s total capitalization. The apartment owner plans to use some of the money to renovate the interiors and exteriors of the 29-building property that has a total 200,000 net rentable sf and 480 parking spaces on a 12.4-acre site. The apartments were 70% leased at closing.