Hunt Real Estate Capital announced that 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.