New York, NY — January 20, 2026 — Lument announces today the closing of a $53.1 million balance sheet loan to facilitate the refinance and lease-up of South Bank at Quarry Trails, a 266-unit luxury multifamily community built in 2025 in Columbus, Ohio. Ryan Duling, senior managing director for Lument based in Columbus, led the transaction.
The sponsor is Thrive Companies, a vertically integrated real estate developer focused on large-scale, mixed-use communities. Also based in Columbus, Thrive has developed more than 38 communities and over 4,000 residential units.
“We are thrilled to collaborate with one of Ohio’s premier developers on the refinance and lease-up financing of this top-tier property,” said Lument’s Duling. “Lument’s proprietary balance sheet program proved to be an ideal fit, allowing for nimble flexibility as we position this beautiful community for eventual permanent financing.”
The balance sheet loan refinances existing construction debt, funds reserve accounts, and supports the lease-up and seasoning of the Class A mid-rise community. The loan has an adjustable interest rate and a two-year term, which is interest-only throughout.
South Bank at Quarry Trails is part of a master planned development in the Upper Arlington submarket of Columbus. Its one-, two-, and three-bedroom units feature high-quality amenities such as granite countertops, stainless steel appliances, and private balconies/patios. Shared development amenities include a clubhouse, saunas, outdoor pool, and the Quarry Trails Metropark. In addition to the market-rate units, the community reserves 20% of units as affordable housing.
“Lument’s balance sheet loan served as an ideal solution as we prepare for permanent financing,” said Joel Lilly, principal, board member, and chief investment officer (CIO) at Thrive Companies. “We appreciate the expertise and efficiency of Ryan and his team as they help us achieve growth and long-term success.”
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 550+ 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/.
