NEW YORK, NY – Lument arranged a $4.7 million Fannie Mae Small Loan to facilitate the acquisition of North Crossing, a multifamily community in Fayetteville, North Carolina.
Built in 1985, North Crossing Apartments consists of 120 units in 10, three-story, garden-style buildings. Lument arranged the acquisition loan for Ballast Rock Capital, a firm specializing in Southeastern workforce multifamily real estate funds. The transaction utilized a hybrid ARM structure, with a 30-year term and amortization. For the first 10 years, the loan will be fixed-rate; the remaining 20 years feature a floating rate.
“The successful acquisition of North Crossings Apartments enables Ballast Rock and our Sunbelt Funds to continue to roll out our investment strategy and expand our footprint in the Southeast,” said Tom Carroll, principal at Ballast Rock Capital. “We greatly appreciate our partnership with Lument, who through their responsiveness and professionalism helped guide us through the ever-changing financing market environment and delivered best-in-class execution.”
The successful transaction represents the 20th closing between Lument and the experienced sponsor, and the pair’s fifth closing with Fannie Mae.
“We were thrilled to partner again with Ballast Rock and Fannie Mae to provide acquisition financing for another quality workforce housing property in Fayetteville,” said Josh Messier, managing director with Lument. “Given Ballast Rock’s scale and operational efficiencies in the market, as well as their relationship with Fannie Mae, we were able to close quickly despite the challenges currently prevalent in our industry.”
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment banking, and investment management solutions. Lument has approximately 600 employees in over 25 offices across the United States. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, member FINRA/SIPC. For more information, visit www.lument.com.