Hunt Real Estate Capital provided a first mortgage bridge loan in the amount of $27.35 million to finance the acquisition and renovation of a multifamily property in Chattanooga, Tennessee.
Rise at Signal Mountain is a 280-unit, garden-style multifamily community at 1185 Mountain Creek Road. The property consists of a 42.9-acre site and is comprised of 19 two- and three-story residential buildings built in 1986. The property is 99 percent occupied.
The non-recourse interest-only first mortgage bridge loan features a 30-month term with three extension options.
The borrower is StoneRiver Company, LLC, a Birmingham, Alabama-based company founded in 1995 to manage real estate investments for high-net-worth individuals.
The borrower plans to complete exterior and common area/amenity upgrades to the property to bolster the property’s curb appeal and enhance the resident experience. Exterior renovations will begin in April of 2020 and are projected to be completed in six to nine months.