Lument Provides $18.5M in Agency Financing for Brooklyn Multifamily Properties

NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent …

Lument Provides $12.9M Acquisition Loan for Multifamily Community in Dayton, Ohio

DAYTON, OHIO — Lument has provided a $12.9 million Fannie Mae loan for the acquisition of The Landing Apartments in Dayton. The multifamily community includes 166 units across several buildings. A high-rise building was originally developed in 1929 and townhouse-style buildings were added in 1991. Approximately 60 percent of the units are affordable to renters who earn 80 percent of the area median income. Steven Cox of Lument originated the 10-year loan, which features three years of …

Lument Provides $28M Fannie Mae Refinancing for Seniors Housing Property in Solana Beach, California

SOLANA BEACH, CALIF. — Lument has provided a $28 million Fannie Mae refinancing for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, approximately 20 miles north of San Diego.The borrower is Senior Resource Group and its equity partner, Collins Development Co. Doug Harper of Lument’s Western region seniors housing and healthcare production team led the transaction.The loan features a 10-year term, five years of interest-only payments and 30-year …

Lument Provides $22M Acquisition Loan for Daytona Beach Apartment Community

DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast.Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of …

Lument Provides $40M Agency Loan for Refinancing of Multifamily Asset in League City, Texas

LEAGUE CITY, TEXAS — Lument, the newly formed organization between Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $40 million Freddie Mac loan for the refinancing of Fairways at South Shore, a 432-unit multifamily asset in League City. The property was built in 2000 and is located between Houston and Galveston. According to, the property offers one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center and a …

Lument Provides $21.5M Agency Loan for Affordable Housing Property in El Paso

EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year …

Cleveland, Milwaukee & St. Louis Multifamily Forecasts Indicate Case for Caution

In earlier research, we found that investors may find advantageous risk and reward tradeoffs during the pandemic in often overlooked Midwest secondary markets. For the most part, average rent and occupancy metrics in these markets continued to rise throughout the summer, recession notwithstanding. Together, their inviting cap rates, rising NOI and low historic income volatility form a fairly compelling investment predicate.We also found that positive performance attributes were not limited …

Slow and Steady Wins the Race: The Case for Multifamily in Cincinnati and Detroit

Investors favor multifamily markets with brisk population growth and meaningful barriers to entry. But can a case be made in turbulent times for slow-growth Midwest cities characterized by weak entry barriers?View higher resolution version of chart above here.Midwest metro areas with relatively healthy demographic growth — Columbus, Indianapolis and Kansas City come to mind — have posted constructive performance trends during the pandemic recession so far, particularly with respect …

Lument Provides $8M in Agency Financing for Affordable Housing Conversion Projects in Delaware

MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation …

Lument Provides $9.5M HUD Loan for Refinancing of Skilled Nursing Facility in Oswego, New York

OSWEGO, N.Y. — Lument, a division of ORIX Real Estate Capital, has provided a $9.5 million HUD loan for the refinancing of Morningstar Residential Care Center, a 120-bed skilled nursing facility in the Upstate New York city of Oswego. The nonrecourse loan refinances a bridge loan that Lancaster Pollard provided prior to becoming part of Lument and provides fixed-rate, permanent financing. Miles Kingston led the transaction for

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