Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a first mortgage bridge loan to finance the acquisition and renovation of a multifamily property located in Wichita, Kansas. The total Hunt Real Estate Capital investment is $4 million.
The borrower is Westport Wichita LLC, which is backed by lead sponsor Corridor Ventures. The loan is structured as a 36‐month floating rate loan with two one‐year options to extend the loan term, and is inclusive of a $500,000 capital improvement reserve.
Westport Apartments is a 144‐unit garden‐style multifamily property that was built in 1980. The property is located at 2526 W 31st Street South and consists of four, three‐story apartment buildings, a single‐story clubhouse and three, single‐story garage spaces. The property’s unit mix is comprised of 12 studio apartments, 108 one‐bedroom apartments and 25 two‐bedroom units.
Corridor Ventures is a repeat client of Hunt Real Estate Capital. “Over the past 15 years, Corridor has bought and sold over $500 million in assets in over 13 states across the U.S.” notes Josh Messier, Managing Director at Hunt Real Estate Capital. “They have built their successful portfolio by investing primarily in multifamily and off‐campus student housing.”
“As they always do, Hunt jumped into the mix early and quickly, and enabled the smooth and timely execution of the transaction,” said Dan Joseph, President of Corridor. “Josh Messier is a champion of our firm, and always works to ensure that we receive top-notch execution.”
Project amenities include a clubhouse, common laundry, playground, swimming pool, sport courtyard, grill, pool, and tennis court.
“The Wichita apartment market is demonstrating sound fundamentals with supply and demand trends indicating stable market conditions,” added Messier. “We were happy to partner with this repeat Hunt Real Estate Capital client on this new finance arrangement.”
Westport Apartments is located approximately 61 miles north of Arkansas City, 63.9 miles southeast of Arlington, 161 miles north of Oklahoma City, OK and 196 miles southwest of Kansas City.