Hunt Provides $9M Loan for Acquisition, Renovation of Student Housing Portfolio Near Virginia Tech
BLACKSBURG, VA. — Hunt Real Estate Capital has provided a $9 million first mortgage bridge loan for the acquisition and renovation of a student housing portfolio located near Virginia Polytechnic Institute and State University (Virginia Tech) in Blacksburg.
The acquisition includes two garden-style student housing communities — Carlton Scott Apartments and Stonegate Apartments — totaling 196 beds on two non-contiguous parcels at 500 Broce Drive and 600 Appalachian Drive. The portfolio consists of 13 two- and three-story buildings offering one-, two- and three-bedroom units.
The borrower, Willow Creek, plans to begin exterior renovations on both properties upon closing. Renovations are set for completion in May 2019.