CAPRE’s Commercial Real Estate Headlines for February 14, 2020: Orion Real Estate Partners Acquires 98-Unit Value-Add Apartment Complex in Denver

Check out the latest deals and developments in commercial real estate for February 14, 2020: Hunt Real Estate Capital Provides $9.3 Million Bridge Loan to Finance the Acquisition of a Multifamily Property in Holly Hill, FL: Hunt Real Estate Capital has provided a first mortgage bridge loan in the amount of $9.3 million to finance the acquisition and renovation of a multifamily property located in Holly Hill, FL. Blue Tide Apartments is a 108-unit, garden-style multifamily community located on the Halifax Riber at 301 Riverside Drive, just northwest of Daytona Beach. The property is situated on a 7.3-acre site and is comprised of five residential buildings and one stand-alone leasing office that were all constructed in 1972. Blue Tide Apartments is currently 90% occupied with an average occupancy of 93% since 2008. The loan term is two years, and includes two six-month extension options. Post-acquisition, the borrower will invest more than $1.7 million in capital improvements to renovate all 108 units and implement a variety of renovations, including roof repairs, asphalt repairs, landscaping upgrades, and the addition of an exterior gate, lighting, and security. In addition, the borrower will also replace windows, awnings, exterior doors, and upgrade community amenities, including the pool and clubhouse. Multifamily Investor Hamilton Zanze Acquires Nashville Metro Apartments: San Francisco-based real estate firm Hamilton Zanze has acquired the Springfield Apartments in Murfreesboro, TN in the Nashville metro area. The transaction closed on January 16th and was…