June 13, 2017
Hunt Mortgage Group provided a first mortgage bridge loan in the amount of $23.5 million to refinance The Marquis Brookhaven Portfolio that consists of two multifamily properties located in Atlanta. The borrower is Terraces at Brookhaven, LLC.
The new bridge loan will refinance the existing debt and preferred equity on Terraces at Brookhaven, a 244-unit garden-style multifamily complex located at 3510 Buford Highway. The financing will also be used to acquire and partially renovate Northeast Plaza Apartments, a 100-unit garden-style multifamily complex located at 3506 Buford Highway.
The loan is structured as a 36-month floating rate loan with two one-year options to extend. The loan is interest-only for the entire term.
Hunt’s RJ Guttroff says, “Proceeds from the new loan will refinance existing debt, facilitate the acquisition of one property, retire preferred equity, and is also inclusive of a $350,000 capital improvements reserve.”
For comments, questions or concerns, please contact Dennis Kaiser