Hunt Real Estate Capital announced that it provided a $24.7 million first mortgage bridge loan to finance the acquisition and renovation of a multifamily property located in Omaha, Nebraska.
The property is being acquired through two Tenant-in-Common borrowers. The loan will include $4 million for interior and exterior improvements. The property is a 408-unit garden style multifamily complex located at 10535 Ellison Plaza, which is situated approximately 11 miles northwest of downtown Omaha.
The complex includes 17, three-story residential buildings, seven garage buildings, and a two-story leasing office/clubhouse. The property is 94% occupied and the unit mix is comprised of 54 one-bedroom units, 324 two-bedroom apartments and 30 three-bedroom units.
“After the renovation is complete, the borrower will offer a competitive amenity package including a clubhouse with an outdoor pool and pool fountain, business center, fitness center, and leasing offices, sports court, pet wash station, dog park, outdoor kitchen, splash park, playground, and detached garage parking,” commented Suzanne Cope, Director, Loan Originations at Hunt Real Estate Capital.
Significant interior capital improvement will also be implemented and includes granite countertops, black appliance upgrades, washer/dryer installations, cabinets, wood-look vinyl plank flooring, and other items. The capital expenditures work is expected to be completed no later than 18 months from the date of closing.
“The borrower has more than 20 years of experience in the real estate investment and asset management experience,” added Cope. “Their real estate portfolio includes 15 properties including more than 1,600 apartment units, commercial, land, and multifamily homes. We were happy to partner with them on this transaction.”