NEW YORK, NY — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a bridge loan in the amount of $17 million to finance the acquisition and rehabilitation of a multifamily property located in Greenville, South Carolina.
Azalea Hill is a 160-unit multifamily project located 1600 Azalea Hill Drive. Built in 1998, the property is comprised of 15, two-story buildings consisting of 20 studio, one-bathroom units, 80 one-bedroom, one-bathroom apartments and 60 two-bedroom, two-bathroom units.
The sponsor is Willow Creek Partners. “The sponsor plans to renovate the property and stabilize operations and then convert to an agency execution to pay down the bridge loan,” commented Suzanne Cope, Director, Loan Originations at Hunt Real Estate Capital.
Azalea Hill is surrounded by abundant green space and includes a competitive amenity package, including 24-hour maintenance, 24-hour poolside fitness center, dog park, clubhouse, complimentary coffee bar, concierge dry cleaning and package service, among others.
“Willow Creek is a seasoned commercial real estate investor that focuses on secondary and tertiary real estate markets that provide attractive investment opportunities in the Southeastern United States,” added Cope. “The Southeast is an attractive multifamily investment market relative to other geographic markets and offers a variety of unique investment opportunities. The borrower owns eight properties for a total of 948 units all within the region. We were pleased to deliver on this loan to a quality local sponsor.”
Greenville has experienced dramatic population and job growth in recent years, as the population has grown roughly 10% since 2010 and job creation has surpassed the national average by approximately 50 basis points. The continued influx of new residents has resulted in strong demand in recent years.
About Hunt Real Estate Capital: Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $27 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 241 professionals in 24 locations throughout the United States. To learn more, visit huntrealestatecapital.com