New York, NY — Lument recently provided a $15.2 million Fannie Mae conventional multifamily loan for a 176-unit, garden-style multifamily community in Columbia, South Carolina. The property is owned and managed by an experienced sponsor with a multifamily portfolio of approximately 1,121 units throughout the Southeast. Steven Cox, senior managing director in Lument’s New York office, led the transaction.
“As usual, Fannie Mae proved to be an extremely beneficial financial solution,” said Cox. “Not only does the successful closing refinance existing debt at a low, fixed rate, it does so with a full term interest only period while also providing substantial cash-out proceeds to the sponsor.”
The loan features a 10-year term with full term interest only and a nine-and-a-half year yield maintenance period. Chuck Cronin from Axiom Capital Corporation worked as the broker on the transaction.
“The execution with Lument was excellent,” Cronin stated. “They are definitely our next choice for future agency executions.”
First built in 2000, the community consists of 176 units across 19 two-story buildings. Of the 176 units, 52 are one-bedroom, 104 are two-bedroom, and 30 are three-bedroom units. In addition, the community features a clubhouse, pool, picnic area, dog park, business center and fitness center.
The sponsor has owned the community since it was built and has made substantial investments in capital improvements in recent years. As a result of those successful renovations, the community only needed approximately $500 for immediate repairs during the loan process. With its new Fannie Mae permanent debt structure in place, the community is well positioned to continue to provide quality multifamily housing to Columbia residents for years to come.
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.