DALLAS--Hunt Mortgage Group has provided bridge financing in the amount of $10.5 million to enable the acquisition and rehabilitation of Surrey Row Apartments, a multifamily property located in Dallas, the company exclusively has told GlobeSt.com. The loan represents 80 percent of costs.
Surrey Road Apartments is comprised of 28 three-story residential buildings, plus one single-story leasing office building situated on 14.4 acres of land. Located at 7272 Marvin D. Love Freeway, the property houses 436 units and was built in 1988.
The loan terms include a 24-month term, plus 12-month extension option, with interest only payments for the full term. The borrower is IRG MDL LLC, a Delaware limited partnership, backed by key principal, Elliott Aronson, who was represented by Sal Torre of Estreich & Co. of New York.
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