New York, NY — June 9, 2025 — Lument announces today the closing of $90.6 million in Fannie Mae DUS® loans to refinance four multifamily communities in Chicago with a total of 654 units. The loans replace existing life company debt for the sponsor BJB Properties, an experienced Chicago-based operator focused on long-term holds. Evan Hom, a senior managing director for Lument based in New York, led the transaction.

“Once again, collaborating with BJB and Fannie Mae led to a tremendous outcome that positions multiple multifamily communities for a bright fiscal future,” said Lument’s Hom. “This was an impactful transaction as 96% of the portfolio is mission-driven, helping to preserve housing that is accessible and affordable in one of Chicago’s most in-demand neighborhoods.”

In January 2025, Lument completed a Fannie Mae refinance of a six-property multifamily portfolio for BJB that totaled $110.8 million, making the year-to-date total more than $200 million. 

“These are high-quality assets with great locations and full occupancy levels, and Fannie Mae permanent financing is ideal for BJB’s long-term vision,” Hom added.

All the communities are located in the Lakeview neighborhood on Chicago’s North Side:

  • 424 W. Diversey: 233-unit mid-rise with two commercial tenants, built in 1926
  • 451 Wrightwood: 177-unit high-rise, built in 1928
  • 443 Wrightwood: 176-unit high-rise, built in 1928
  • 517 Oakdale: 68-unit mid-rise, built in 1928

The four Fannie Mae loans carry fixed interest rates, seven-year terms (with full-term interest only), and 35-year amortizations. In addition to providing permanent financing, the closings provided cash-out proceeds for the sponsor.

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 approximately 600 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/.