CINCINNATI — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Ivy Hills Apartments in Cincinnati. Originally built in 1996, the multifamily property includes 164 units across 31 buildings. The occupancy rate was 92.3 percent as of March 2021. Steven Cox of Lument originated the 12-year loan, which features a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower acquired the asset in early 2020 and has since invested approximately $1.8 million to renovate 60 units. The borrower plans to spend an additional $1.7 million throughout 2021 to renovate 50 more units.
BELLEFONT, PA. — Lument has arranged a $35.6 million construction loan for Centre Care Rehabilitation and Wellness Service, a 240-bed skilled nursing facility in Bellefonte, located in the central part of the state. The new facility will replace an existing 240-bed property that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston of Lument arranged the construction financing through First National Bank on behalf of the borrower, Complete Healthcare Resources Eastern.
COLUMBIA, S.C. — Lument has provided a $15.2 million Fannie Mae loan for a 176-unit, garden-style multifamily community in Columbia. Steven Cox of Lument originated the financing on behalf the undisclosed borrower. The loan refinances existing debt at a low, fixed interest rate. The loan features a 10-year term with full-term interest only payments and a nine-and-a-half-year yield maintenance period. Chuck Cronin of Axiom Capital Corp. arranged the financing. The apartment community includes 176 units across 19 two-story buildings. Of the 176 units, 52 are one-bedroom, 104 are two-bedroom and 30 are three-bedroom units. Community amenities include a clubhouse, pool, picnic area, dog park, business center and a fitness center. The borrower owns approximately 1,121 units across the Southeast. The sponsor has owned the unnamed property since it was constructed in 2000 and has made investments in capital improvements.
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 years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.
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 interest-only payments and a 30-year amortization schedule. In addition to providing acquisition financing, the loan provides for approximately $145,000 for roofing, landscaping and other repairs. John Dragone and Chris Senzapaura of Trinity Street Capital arranged the loan.
Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York
OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.
MOBILE, ALA. — Lument has provided a $33 million Fannie Mae loan to refinance Stone Ridge Apartments, a 317-unit, garden-style apartment complex in Mobile. Chad Hagwood and Brandon Pate of Lument led the transaction. The unnamed borrower has over 35 years of commercial real estate experience and a 15-year working relationship with Lument’s Chad Hagwood. The 12-year loan features a low, fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. In addition, the loan has a maximum loan-to-value ratio of 75 percent. Stone Ridge offers eight different floor plans throughout its 18 residential buildings. The apartment complex was originally built in 2008 and recently underwent approximately $1.3 million in capital improvements and renovations.
SAN ANTONIO — Lument, a subsidiary of ORIX Capital USA, has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Horizon Hill, a 273-unit multifamily asset in San Antonio that was built in 1982. John Sloot of Lument originated the debt, which was structured with a 10-year term, four years of interest-only payments and a 30-year amortization schedule. The sponsor, REEP Equity, purchased the property in 2018 and has since implemented a value-add program.
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 amortization. In addition to refinancing existing debt, the closing provided cash-out proceeds.
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 interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.