Brookhaven, GA, June 19, 2017 – by Trey Benton – A $23.5 million bridge loan has been provided by Hunt Mortgage Group to refinance The Marquis Brookhaven Portfolio consisting of two multifamily properties located in Brookhaven. Hunt Mortgage Group said in a release, the borrower, Terraces at Brookhaven, LLC., will use the money to refinance the existing debt on the Terraces at Brookhaven and acquire and partially renovate the Northeast Terrace Apartment Community.
The Terraces at Brookhaven, located on Buford Hwy., is a 244-unit garden-style multifamily complex constructed in 1968 and the Northeast Terrace Apartments is a 100-unit garden-style multifamily complex constructed in 1966. Both complexes are more than 90% occupied.
“Proceeds from the new loan will refinance existing debt, facilitate the acquisition of one property, retire preferred equity, and is also inclusive of a $350,000 capital improvements reserve,” commented RJ Guttroff, Managing Director at Hunt Mortgage Group in a release. “Planned capital improvements include: interior unit renovations, upgraded amenities, installation of water savers and new signage.”
Hunt Mortgage Group says the loan is structured as a 36-month floating rate loan with two one-year options to extend. The loan is interest-only for the entire term.