Winter Park Multifamily Secures $6M Refinance Loan

WINTER PARK, FL—The ownership of the Sun Bay Apartments community here has secured a $6-million bridge loan to refinance the 194-unit community.

Hunt Mortgage Group of New York City provided the financing. Sun Bay Apartments is a garden-style multifamily property that consists of 11, two-story buildings and is located at 7001 Aloma Ave. The financing is a 12-month bridge loan with a full term interest only and a provision allowing for two, six-month extensions.

“The borrower purchased the property in 2011 and spent approximately $1.6 million to complete exterior and interior upgrades at the property,” says Steven Cox, managing director of Hunt Mortgage Group. “The proceeds of the loan will be used to pay back the owners for the capital and occupancy improvements implemented over the past two years.”

Property upgrades have included installing a split AC system, re-piping and installing water heaters, retrofitting gas stoves to electric, installing a dog park, HVAC, roof repairs, landscaping and common area improvements, along with clubhouse and fitness center upgrades.

“The borrower is a new Hunt client, but they are experienced commercial real estate investors, with ownership in multiple multifamily assets,” Cox says. “The property is well maintained and is located in the Orlando MSA, which has shown resilience in bouncing back from the recent tough economy by posting a low unemployment rate and rising GDP.”

Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., specializes in financing multifamily properties, but also finances affordable housing, manufactured housing, healthcare/senior living, office, retail, industrial, and self-storage facilities throughout the United States. The firm offers Fannie Mae, Freddie Mac, HUD/FHA and its own proprietary loan products. The company maintains a servicing portfolio of more than $10.4 billion.