December 23, 2019
Hunt Real Estate Capital has provided a $39.5 million bridge loan to finance the acquisition and renovation of Mayflower Apartments, a 266-unit, high-rise multifamily community in Virginia Beach.
The property is located on a more than two-acre site at 205 and 306 34th St. and 3420 Atlantic Ave. The 15-story residential building is connected to a three-story parking garage and a single-story commercial building. The community was built in 1949 and renovated in 2015. Immediately following acquisition, the borrower plans to implement a wide variety of upgrades, including the renovation of all 266 unit interiors and exteriors.
Marc Suarez of Hunt Real Estate secured financing for the borrower, Lynd Co. and VTS Capital Partners, who purchased the property from Harbor Group International. The five-year bridge loan features full-term interest-only payments.
For comments, questions or concerns, please contact David Cohen