CANTON, GA—The ownership of the Riverview Apartments here has secured a $6.75-million Freddie Mac CME seven-year variable rate loan to refinance the 138-unit multifamily property from New York City-based Hunt Mortgage Group.
Built in 2008 and located at 59 Anderson Ave., Riverview Apartments consists of 71 one-bedroom, 63 two-bedroom and four three-bedroom units, all located in a single four-story residential building.
The borrower, Wilkinson Properties Fund VIII, LLC, sponsored by Wilkinson Corporation, purchased Riverview Apartments in June 2011. Originally constructed as an age-restricted community, the property currently operates as a market-rate multifamily property. Amenities include a fitness center, clubhouse area, controlled access, business center and BBQ grills.
In 2011, Wilkinson invested approximately $350,000 in aesthetic improvements to Riverview Apartments, according to Hayley Suminski, vice president of mortgage banking at Hunt Mortgage Group.
“The key principal on the deal is Russell Wilkinson, a seasoned commercial real estate investor that has been involved in construction, rehabilitation and ownership of rental investment properties for more than 30 years,” says Suminski. “Riverview is also very well managed. These factors and the solid real estate fundamentals involved made this a solid deal for Hunt.”
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