X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.