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Washington DC & Mid-Atlantic  + DC Metro  + Finance  |  December 23, 2019
David Cohen
By: David Cohen

Hunt Provides $40M Bridge Loan for Virginia Beach MF Property

Hunt Real Estate Capital has provided a $39.5 million bridge loan to finance the acquisition and renovation of Mayflower Apartments, a 266-unit, high-rise multifamily community in Virginia Beach.

The property is located on a more than two-acre site at 205 and 306 34th St. and 3420 Atlantic Ave. The 15-story residential building is connected to a three-story parking garage and a single-story commercial building. The community was built in 1949 and renovated in 2015. Immediately following acquisition, the borrower plans to implement a wide variety of upgrades, including the renovation of all 266 unit interiors and exteriors.

Marc Suarez of Hunt Real Estate secured financing for the borrower, Lynd Co. and VTS Capital Partners, who purchased the property from Harbor Group International. The five-year bridge loan features full-term interest-only payments.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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