New York, NY — Lument recently provided acquisition financing in the form of a $12.9 million Fannie Mae conventional loan to an experienced multifamily housing sponsor for the purchase of The Landing Apartments, a 166-unit, high-rise and garden-style community in Dayton, Ohio. Steven Cox, senior managing director in Lument’s New York office, led the transaction.
“Collaborating with this experienced sponsor to arrange Fannie Mae acquisition financing was a pleasure,” said Cox. “The Landing Apartments is an important source of quality housing in its area. With the acquisition financing, immediate repairs, and new property management, the community is well poised for a bright future.”
The loan features a 10-year term, three years of interest only, with a 30-year amortization schedule and nine-and-a-half year yield maintenance period. In addition to providing acquisition financing, the successful closing provides for approximately $145,000 for immediate repairs. These funds will be used for new roofing, landscaping and other improvements.
John Dragone and Chris Senzapaura of Trinity Street Capital worked as brokers on the transaction.
The Landing Apartments consists of one 13-story high-rise building and 13 two-story, garden-style townhouse apartment buildings. The high-rise portion was originally developed in 1929 and the townhouse buildings were added in 1991, at which time the high-rise was renovated. Approximately 60% of the units are mission-driven and affordable to renters at 80% area median income (AMI).
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. 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.