Hunt Real Estate Capital announced today that it has provided a first mortgage bridge loan in the amount of $32.5 million to finance the acquisition and renovation of a multifamily property located roughly 12 miles northeast of Atlanta in Doraville, Georgia.
Ashford Walk is located at 3480 Morningside Village Lane. The property, built in 1983 and renovated in 2015-2016, is a 306-unit, garden-style multifamily community situated on a 23.7-acre site. The property is 93% occupied and comprised of 65 two-story residential buildings and one single-story clubhouse.
The borrower is a full-service commercial real estate investment firm that was founded in 2011 and specializes in the acquisition and repositioning of multifamily properties. The loan term is two years, with three one-year extension options.
“The new owner and borrower plans to rebrand Ashford Walk, improve street appeal, and renovate unit interiors,” commented Steven Cox, Senior Managing Director at Hunt Real Estate Capital. “To date, the borrower has acquired five multifamily assets that contain a total of 1,028 residential units. They are working to upgrade and reposition each of these properties.”
Ashford Walk’s unit mix is comprised of 140 one-bedroom apartments, 140 two-bedroom units and 26 three-bedroom apartments. Unit amenities include fully equipped kitchens, vaulted ceilings, extra storage, and a patio or balcony. In addition, select units contain washer/dryer connections and/or fireplaces.
“Upon acquisition, the borrower will immediately begin their capital improvement plan of investing $2 million into interior upgrades,” added Cox.
Property amenities include a swimming pool, a newly renovated clubhouse and leasing center, a fitness center, tennis courts, sports court, new dog park, new playground, picnic and grilling areas, and laundry facilities.