New York, NY — November 3, 2025 — Lument announces today the closing of $11.8 million in Fannie Mae DUS® loans to refinance six multifamily communities in Chicago. The sponsor is BJB Properties, an experienced Chicago-based operator focused on long-term holds. Evan Hom, a senior managing director for Lument based in New York, led the transaction.

The Fannie Mae loans carry fixed interest rates, 112-month terms (with full-term interest only), and 35-year amortizations. Proceeds from the closings will be used by the sponsor for working capital.

“This is the next step in BJB’s effective strategy for these high-quality assets,” said Lument’s Hom. “Capital derived from the Fannie Mae loans will allow the sponsor to position these communities for success for many years to come.”

Four of the communities are located in Cook County, and the other two are in the Gold Coast neighborhood on Chicago’s north side.

  • 11 W. Division St: 110-unit mid-rise, built in 1927
  • 244 E. Pearson St: 233-unit high-rise, built in 1926
  • 1246 W. Pratt Blvd: 123-unit mid/high-rise, built in 1930 and renovated in 2015
  • 1036 N. Dearborn: 135-unit high-rise, built in 1926
  • 320 N. Michigan Ave: 119-unit high-rise, built in 1984
  • 1939 N. Lincoln Ave: 59-unit high-rise, built in 1931

In January 2025, Lument completed a Fannie Mae refinance of a six-property multifamily portfolio for BJB that totaled $110.8 million. In June 2025, it closed a $90.6 million portfolio, making the year-to-date total of the three transactions more than $213 million. 

About Lument
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 offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet financing, as well as a full suite of capital market lending products. In addition, Lument provides a suite of real estate advisory solutions including 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/.