New York, NY — March 11, 2022 — Lument announced that it closed two Fannie Mae loans totaling $32 million to refinance two multifamily communities in San Antonio, Texas: Auburn Creek, a 224-unit garden-style community for $17.5 million; and Fairways 5, a 205-unit garden-style community for $14.5 million. Lument Managing Director Marc Suarez led the transactions.
The loan’s sponsor is the Lynd Company, a repeat Lument customer with an extensive real estate portfolio that includes 15,000 units across 75 properties in Texas, with a total capitalization of $3.42 billion.
“It was a pleasure to work with Lynd to secure funding that meets all of their refinancing goals,” said Suarez. “With these two 12-year term loans, Lynd was able to receive low, fixed interest rates and a significant cash-out of $3.4 million to complete necessary renovations on their properties.”
Auburn Creek, which is currently 91.07% occupied, is situated on an 11.5 acre parcel of land and contains 224 units across 14 two-story apartment buildings. It was originally constructed in 1976 and is currently under renovation, with six apartments remaining to renovate. Group amenities include a pool, clubhouse building with a maintenance shop, laundry center, and fitness center.
Fairways 5 sits on a 7.64-acre site and is comprised of 205 units in 32 residential buildings that were originally constructed in 1973. It is also under renovation, with eight units left to renovate, and is 95.1% occupied. Each unit features its own patio and balcony and group amenities include two swimming pools, laundry center, covered parking, and storage space.
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.