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 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.