NEW YORK, NY - Hunt Mortgage Group, a commercial real estate lender, announced today that it has provided an $8.42 million Fannie Mae loan facility to enable the acquisition of a multifamily property located in Orlando, Florida.
The Park at Vittoria (formerly Waterstone Apartments) is a 208-unit garden style apartment community located at 5224 Long Road in Orlando. The property is comprised of 33, three-story buildings that were developed in 1991 on a 16.37 acre, parcel of land. The borrower is a Florida-based single asset entity and the loan term is seven years with two years interest only, amortization based on a 30 year schedule, and 80% loan-to-value.
“The Park at Vittoria is currently 65% through a planned $1.5 million renovation,” noted Marc Suarez, Senior Vice President and head of the Miami office of Hunt Mortgage Group. “The new owner plans to complete the renovations upon acquisition. Improvements will focus primarily on repairs and upgrades to the exteriors, interiors, amenity spaces, updating furniture and equipment.”
The unit mix at The Park at Vittoria includes 72 two-bedroom, one-and-a-half bathroom units, 120 three-bedroom, two-bathroom apartments and 16 four-bedroom, two-and-a-half bathroom units.
“The property is currently 92% occupied, however, management is no longer leasing un-renovated units to new tenants until renovations on the individual units are completed,” added
Chad Musgrove, Assistant Vice President in the Miami office of Hunt. “The borrower is an experienced group of multifamily investors with a proven track record for adding value and successfully managing apartment properties. We were pleased to arrange the financing to secure the acquisition on their behalf.”
The Park at Vittoria will be managed by Blue Rock Partners, LLC. Blue Rock was founded in 2004 and currently manages close to 5,000 multifamily units across sixteen Florida communities with emphasis on the Orlando and Tampa markets. The experience of the principals includes over 50 apartment properties rehabilitated in excess of $125 million.
"We are happy to be working with Randy Ferreira of Blue Rock Partners and the Hunt Mortgage Group team on this deal,” said Gus Alfonso, Managing Partner of Florida Value Partners. “We feel Blue Rock was the right partner for us as we pursued the repositioning of the property, and Hunt Mortgage Group provided a smooth execution and end of the year close which is never easy.”
Project amenities include two outdoor swimming pools, a sports court, BBQ area, playground area, car wash station, fitness center, and a small laundry room at the clubhouse/leasing office building.
About Hunt Mortgage Group: Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a specialty finance company focused on financing commercial real estate nationwide. The Company specializes in financing multifamily properties, but also finances: affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. It offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The Company maintains a servicing portfolio of over $10.9 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 136 employees located in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.