Hunt Real Estate Capital provided a bridge loan to finance the acquisition and renovation of a multifamily property located in Dallas, Texas.
Royal Orleans is a garden-style multifamily complex situated on a 16.5-acre site and composed of 134 units in 13 individual residential buildings. The property is located at 1540 Chenault Street in the White Rock Hills neighborhood of Dallas.
The property’s unit mix is composed of 31 one-bedroom, one-bathroom units; 27 two-bedroom, one-bathroom apartments; and 76 two-bedroom, two-bathroom units. Royal Orleans is 93.5% physically occupied.
The sponsor for the loan is Mitchell Voss, Managing Partner of WindMass Capital.
“The borrowers are repeat Hunt Real Estate Capital Borrowers,” noted Charlie Cole, Director at Hunt Real Estate Capital. “In late 2017, we provided them a Freddie Mac Small Balance Loan for the acquisition of Founders Square Apartments, a 65-unit apartment complex located in Dallas. Since acquiring and renovating Founders Square, the property has performed very well and is going through a refinance currently.”
The borrowers will implement a capital improvement plan immediately after closing. In addition, they plan to rebrand the Property as FifteenForty. Planned upgrades include a variety of interior renovations: updated kitchen appliances, cabinets, countertops, new lighting, laminate flooring, and fresh paint. Exterior improvements include landscaping, fences, gate motors, common areas/carports, and clubhouse/pool.
“The borrower’s goal is to complete all renovations in 18 months, with interior renovations occurring in units and as they are vacated,” added Cole. “We were pleased to partner with this repeat quality borrower.”
“The process with Hunt has been great,” said Voss, who also mentioned, “It was exciting to do business with the firm that launched my real estate career when I started at Centerline, now Hunt, almost ten years ago.”