REBusinessOnline

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 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.

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