NEW YORK, NY — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a $33.83 million first mortgage bridge loan to enable the acquisition and renovation of a multifamily property located in Pikesville, Maryland.
The property is a 208-unit low-rise multifamily complex located approximately 15 miles northwest of downtown Baltimore. Situated on an 8.76-acre site, the property is comprised of seven buildings. The property’s unit mix includes 36 one-bedroom units, 69 one-bedroom apartments with fireplace, 44 one-bedroom units with a den and 59 two-bedroom apartments.
“The borrower will implement on a capital improvement plan just after closing,” explained RJ Guttroff, Managing Director at Hunt Real Estate Capital. “Planned renovations include interior upgrades that will be completed as units turn over during a 30-month timeframe and exterior renovations are expected to commence within 90 days of closing.”
Interior improvements include new quartz/granite countertops, stainless steel appliances, cabinet replacement, new doors and new flooring throughout. Exterior upgrades will include parking lot repaving, exterior paint, entry gate, exterior lighting, clubhouse upgrades, and other improvements.
The borrower is an experienced owner operator that has managed over ten million square feet of residential and commercial real estate in eight states including Massachusetts, Ohio, Pennsylvania, Michigan, Florida, Texas, North Carolina, and Illinois,” added Guttroff. “He currently owns and manages over 2,600 multifamily units as well as more than 116,000 square feet in office space and has executed similar capital improvement plans within his portfolio. We were pleased to partner with him and provide this new bridge loan.”
The property is 95% occupied and amenities include a swimming pool, clubhouse/recreation building, and fitness room and storage space.
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