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TAMPA, FL-Inland Mortgage Corp., a division of the Inland Real Estate Group of Cos. based in Oak Brook, IL, has closed a $6.2-million bridge loan with Hidden River Grande Apartments LLC, owner of the 20-year-old, 232-unit Hidden River Grand Apartments in the Temple Terrace section of the city.

Inland didn’t disclose the interest rate on the 18-month loan but says it funded 89% of the project’s total capitalization. The apartment owner plans to use some of the money to renovate the interiors and exteriors of the 29-building property that has a total 200,000 net rentable sf and 480 parking spaces on a 12.4-acre site. The apartments were 70% leased at closing.

Inland Mortgage vice president Art Rendak says his company made the loan because “this borrower has an excellent track record of turning around similar properties in this submarket.” Rendak concedes the property “is in need of repairs and the occupancy is well below market levels.”

But the broker says “the combination of the renovations to this property and a focused leasing effort should allow them to improve the occupancy numbers to where they should be.”

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