New York, NY — Lument recently announced the closing of a $13.8 million proprietary bridge loan to facilitate the acquisition and renovation of Covenant Crossing, a 110-unit garden-style multifamily community in Nashville, Tennessee. Managing Director Colin Cross and Associate Director John Sloot led the transaction for Lument, which was brought to Lument by John Brickson of Old Capital.
“Lument’s proprietary bridge loan was an excellent solution for this value-add acquisition,” said Sloot. “We were able to help the sponsor achieve all their objectives with a short-term, interest-only execution at a competitive interest rate.”
“In addition to a competitive rate, the closing provides approximately $1.7 million for substantial renovations, which once completed will further position the community for long-term success,” added Cross.
Interior improvements include new vinyl flooring, granite countertops, and upgraded lighting and plumbing. Exterior improvements include new roofs, parking lot and landscaping upgrades, playground and soccer field installation, and fenced-in yards.
Originally built in 1969, the seller acquired the property in 2015. It is currently maintaining a 99% occupancy rate.
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, real estate investment sales, 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. 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.