StoneRiver Secures Financing for Tennessee Acquisition

Multi Housing News | April 17, 2020

StoneRiver Secures Financing for Tennessee Acquisition
StoneRiver Co. has secured $27.4 million to acquire and renovate Rise at Signal Mountain, a 280-unit multifamily community in Chattanooga, Tenn. Hunt Real Estate Capital provided the 30-month non-resource interest-only first mortgage bridge loan with three extensions options.  Located at 1185 Mountain Creek Road, the community comprises of 19 two- and three-story buildings and provides access to Highway 27. Developed in 1986, on a 42.9-acre site, the property is situated near schools, entertainment venues, shopping centers and restaurants. Rise at Signal Mountain offers residents a mix of one- and two-bedroom units featuring in-unit washer-dryers. Amenities include a fitness center, business center, dog park, storage unit, swimming pool, car wash station and picnic area with barbecue grills. The property was 99 percent occupied at the time of the transaction. StoneRiver Co. plans to complete exterior, common area and amenity upgrades to the property. Exterior renovations will begin this month and are projected to be completed in six to nine months.

Spotlight

The ongoing near zero-interest rate environment in most industrialized nations poses a variety of challenges to private and institutional investors. On the one hand, traditional fixed-income investments do not provide the desired yield levels as they did in the past. On the other, when composing an investment portfolio, it must be remembered that it should also perform robustly in an environment that is characterized by less ample monetary liquidity even if the current situation will remain for some time.

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Spotlight

The ongoing near zero-interest rate environment in most industrialized nations poses a variety of challenges to private and institutional investors. On the one hand, traditional fixed-income investments do not provide the desired yield levels as they did in the past. On the other, when composing an investment portfolio, it must be remembered that it should also perform robustly in an environment that is characterized by less ample monetary liquidity even if the current situation will remain for some time.