Lument Provides $48.8M Refinancing for Multifamily Community in Santa Rosa Beach, Florida
SANTA ROSA BEACH, FLA. — Lument has provided a $48.8 million Freddie Mac conventional loan to refinance Sanctuary at 331, a 264-unit multifamily community in Santa Rosa Beach. Steve Beltran of Lument led the loan transaction on behalf of the borrower, an affiliate of Hunt Cos.
The loan features a 10-year term, 30-year amortization schedule and a low fixed interest rate with 60 months of interest-only payments. The loan is a refinance of an existing HUD loan.
Sanctuary at 331 features 11 buildings on nearly 32 acres. The apartment property offers one- and two-bedroom floorplans with features such as stainless steel appliances, private patios and in-unit washers and dryers. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, a dog park and garage storage units.
Cushman and Wakefield manages the property, which was 97 percent occupied at the time of the loan transaction.