ATLANTA—As Atlanta's multifamily market continues to gain traction, Hunt Mortgage Group provided a first mortgage bridge loan to finance the acquisition and renovation of a multifamily property in Sandy Springs, GA. The loan was in the amount of $10.5 million.
The Sandy Springs multifamily community is 13.9 miles north of the Atlanta central business district. This garden‐style multifamily complex has 102 units.
“This loan is comprised of $8.3 million of initial funding that will be used to finance the acquisition of the property and $2.2 million in a future funding commitment that will be used for capital improvements to renovate the property,” RJ Guttroff, managing director at Hunt Mortgage Group, tells GlobeSt.com. The multifamily loan is structured as a 36‐month floating rate loan with two options to extend the loan term for a period of 12 months each. Majority Capital Advisors, a New York City based advisory firm, arranged the financing.
“Atlanta continues to be a strong performer in commercial real estate and the local housing market is vastly undersupplied,” says Guttroff. “The borrowers are part of a privately held real estate company dedicated to the acquisition and management of apartment properties throughout the Southeast, Mid‐Atlantic and South‐Central region of the United States.”
Planned multifamily interior improvements include granite countertops, stainless steel appliance upgrades, painting, tile backsplashes in kitchens, cabinet replacements, installing washer/dryer connections, carpet and vinyl plank flooring upgrades, and installation of modern lighting and bathroom fixtures. Exterior upgrades include repainting the exteriors, asphalt repairs and restriping the parking lot, converting the leasing office to a fitness center, building a larger leasing office, interior corridor and common area renovations, landscaping improvements, roof repairs, replacement of all windows and patio doors, pool and amenity improvements, and signage upgrades.
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