ORIX USA’s Real Estate Capital Group announced the closing of a $10 million bridge loan that will be used on the continued renovation of a 156-unit, Class B apartment community in Florida.
The upgrades will include interior renovations, upgrades to the common areas and fitness center, enhancement of amenities and installation of a pickleball court, and remaining concrete restoration. The interior renovations will include resurfacing cabinets, replacing hardware, replacing existing counters with stone countertops, upgrading fixtures and hardware, and implementing a modern grey-scale theme to bring the units into contemporary style.
“We were able to understand the Borrower’s business plan to renovate and stabilize the property in this high-occupancy, well positioned Florida market and offer a tailored bridge loan,” said Adam Diamond, Managing Director, ORIX USA Real Estate Capital.
ORIX USA’s Real Estate Capital group is a proprietary commercial real estate lending business, delivering customized financing for a full range of property types in primary and secondary metropolitan markets in the U.S. and Canada. Loans made or arranged in California are pursuant to a California Financing Law license.