Hunt Delivers $27M in Acquisition, Renovation Financing for Chattanooga MF
Hunt Real Estate Capital provided a first mortgage bridge loan in the amount of $27.35 million to finance the acquisition and renovation of Rise at Signal Mountain, a multifamily property in Chattanooga, TN. The borrower was Birmingham, AL-based StoneRiver Company, LLC.
The 99%-occupied asset is a 280-unit, garden-style multifamily community located at 1185 Mountain Creek Rd. The property consists of a 42.9-acre site, and is comprised of 19 two and three-story residential buildings built in 1986.
“Rise at Signal Mountain is very well located and benefits from solid access and visibility from roadway frontage,” said Hunt Real Estate Capital’s Chad Hagwood, who handled the deal. “The borrower will invest just under $2 million in additional capital improvements post-closing.”
The non-recourse interest-only first mortgage bridge loan features a 30-month term with three extension options.
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