NEW YORK, Oct. 12, 2016 (GLOBE NEWSWIRE) -- Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $3.75 million bridge loan to finance the acquisition of The Place Apartments.
The Borrower is The Place Apartments, LLC, backed by Kip Kula, Jamie Kula, and The Kula Family Trust. The loan is structured as a six-month floating rate loan with no extension options.
Located on Davis Island in Tampa, Florida, The property is less than three miles from downtown Tampa. “The Place Apartments benefits from an exceptional location on a residential street within walking distance of the island’s restaurant and shopping district,” explained Bill Papagno, Director in the Small Balance Loan Team at Hunt Mortgage Group.
The Place Apartments is a 40-unit multifamily property built in 1972, and features a unit mix of 28 non-renovated and 12 renovated units. The property sits on a 1.3 acre site, and units are dispersed among two separate two-story buildings. The Place Apartments is currently 95% occupied. Amenities include: on-site laundry facilities, washer/dryer appliances in 10 units, and a swimming pool.
“The Kula family began investing in real estate in 2002 growing their portfolio over time and now currently own three multifamily properties,” added Papagno. “We were pleased to deliver on this loan for a quality local sponsor.”
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, hospitality, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, HUD/FHA in addition to its own Proprietary loan products including balance sheet, conduit and floating rate CLO financing. Since inception, the Company has structured more than $20 billion of loans and today maintains a servicing portfolio of more than $11 billion. Headquartered in New York City, Hunt Mortgage Group is comprised of 153 employees located in 16 locations throughout the United States. To learn more about Hunt Mortgage Group, visit www.huntmortgagegroup.com.