New York, NY — October 18, 2023 — Lument announced the closing of a $20.9 million Fannie Mae loan to help a longtime client acquire two multifamily communities in Saint Joseph, Missouri. Phil Frasca, an associate director based in Dallas, led the transaction for Lument.
“This was our seventh successful transaction with this client, and it was a pleasure to help them achieve their goals,” said Lument’s Frasca. “We were able to help the sponsor add to an already-successful portfolio of multifamily communities in Kansas with an acquisition loan that featured a fixed rate at a significantly low level relative to recent market conditions.”
The loan has a seven-year term with two years of interest only (IO) and a 30-year amortization.
“Structuring the loan with the first two years of IO payments allows the sponsor to focus on its plan of improving the community for residents in the near term,” Frasca added.
Operating as two separate properties, Mitchell Park Plaza and Lofts at 415 consist of 301 units and 48 units respectively. Mitchell Park Plaza was built in 1920 and converted to multifamily in 2008. Lofts at 415 was constructed in 1901 and converted to multifamily in 2004. The buildings were originally constructed as a warehouse and manufacturing building for a paper company.
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and 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, real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit https://www.lument.com/.