New York, NY — Lument has announced the closing of a $115 million Fannie Mae conventional multifamily loan to refinance a cooperative multifamily housing community in New York City. Nicholas Diamond led the transaction for Lument.
The Fannie Mae loan features a low, fixed interest rate, 10-year term, and 30-year amortization schedule. In addition to refinancing existing debt, the closing provides substantial cash-out proceeds for the cooperative to fund extensive capital improvements to the property—totaling over $60 million.
“The proceeds from this successful financing will go a long way toward funding the massive, multi-year process of improving this cooperative and preserving value for the shareholders and generations of shareholders to come,” said Lument’s Diamond. “Collaborating with the board of directors and their property management company was a joy, and we’re happy that we were able to move quickly to close this complex loan.”
Originally constructed in the 1950s, the property consists of several residential buildings, 40 commercial units, and a parking garage.
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 sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.