New York, NY — Lument has provided a $17.4 million Fannie Mae DUS® conventional multifamily loan to refinance Ivy Hills Apartments, a 164-unit community in Cincinnati, Ohio. Steven Cox, senior managing director in Lument’s New York office, led the transaction.
The sponsor, who has over 35 years of experience and a portfolio of approximately 5,500 units across 26 communities, acquired Ivy Hills Apartments in early 2020. Since acquisition, the sponsor has invested approximately $1.8 million to substantially renovate 60 units and plans to spend another $1.75 million throughout 2021 to renovate 50 additional units.
“We have closed several Fannie Mae loans with this experienced sponsor and it’s always a pleasure to help them achieve their objective of providing high-quality multifamily housing,” said Cox.
Ivy Hills performed strongly during the COVID-19 pandemic and had an occupancy rate of 92.3% as of March, 2021. The community, which was originally built in 1996, consists of 31 buildings that offer a mix of two- and three-bedroom units. Amenities include a fitness center, pool, and detached garage parking.
The Fannie Mae loan features a low, fixed interest rate, 12-year term with five years of interest only payments, and a 30-year amortization schedule.
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. 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.