Lument Provides $33M Fannie Mae Refinancing for Multifamily Community in Mobile, Alabama
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.