Hunt Real Estate Capital takes over an office property in Georgia
Hunt Real Estate Capital announced it provided a first mortgage bridge loan to finance the acquisition of an office property. The office property is located in Decatur, Georgia.
755 Commerce Plaza is a 90,735 square-foot, 10-story, suburban office building that is situated on a 0.31-acre site. The property was constructed in 1966 with some renovations completed in 2017-2018 by the seller. The property include a lobby renovation, new building directory, and elevator upgrades. The land size consists primarily of the building footprint and includes no on-site parking. There is a long-term parking agreement with the neighboring building for a total of 216 available spots.
James Kelly, Director at Hunt Real Estate Capital noted “The loan will secure the acquisition of this asset and provide just over $600,000 so the new owner can implement capital improvement work on-site.” “The borrower plans to complete all capital expenditure work within the first year of ownership and will work to lease-up to a stabilized occupancy.”
The property will be improved. This improvements will consist of interior renovations, including fresh paint, ceiling tiles, lighting, and new carpet/tile, as well as restroom renovations on floors two through nine. Planned exterior upgrades include paint, new awnings, and repairs for the roof, the windows, and the fire pump.
About Hunt Real Estate Capital
The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products.
Source: Pr News Wire
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