The ownership of the Sun Bay Apartments in Winter Park, FL, a suburb located just north of downtown Orlando, has secured a $6-million bridge loan to refinance the 194-unit community.
Hunt Mortgage Group of New York City provided the financing. Sun Bay Apartments is a garden-style multifamily property that consists of 11, two-story buildings. The financing is a 12-month bridge loan with a full term interest only and a provision allowing for two, six-month extensions.
Globest is reporting that the borrower purchased the property in 2011 and spent approximately $1.6 million to complete exterior and interior upgrades at the property. The proceeds of the loan will be used to pay back the owners for the capital and occupancy improvements implemented over the past two years.
Property upgrades have included installing a split AC system, re-piping and installing water heaters, retrofitting gas stoves to electric, installing a dog park, HVAC, roof repairs, landscaping and common area improvements, along with clubhouse and fitness center upgrades.
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., specializes in financing multifamily properties throughout the United States. The firm offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The company maintains a servicing portfolio of more than $10.4 billion.
