New York, NY — Lument recently announced the closing of a $28 million bridge loan to facilitate the refinance and limited partner buyout of Greenfair Apartments, an age-restricted, low-income multifamily apartment community located in Sacramento, California. Aaron Wooler, managing director at Lument, led the transaction. The sponsor, Western America Properties, Inc., is a new client to Lument, and manages a portfolio of 18 properties totaling over 2,200 units throughout California.
“Our proprietary bridge loan capabilities allowed Western America Properties to accomplish its objectives via an extremely efficient timeline,” said Wooler. “Further, we have already begun the process of exiting the bridge loan with agency financing, which we plan to close within the initial six-month bridge loan term, further positioning the property for long-term success.”
Western American Properties is an affordable housing owner/operator known for acquiring, rehabilitating, preserving, and managing U.S. Department of Housing and Urban Development (HUD)-insured, Section 8 assisted apartment communities.
“Lument’s expertise and professionalism allowed us to meet our deadlines and accomplish our goals, and the exceptional timeliness with which they were able to execute the bridge loan was most impressive,” said James Perley, president at Western America Properties.
Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the property using low-income housing tax credits (LIHTCs). The property consists of 386 units, all of which benefit from project-based Section 8 housing assistance payment (HAP) contracts. With the bridge loan in place, the borrower can focus on obtaining permanent financing, renewing its HAP contracts, and continuing to provide low-income seniors in Sacramento with quality affordable housing.
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.