NEW YORK, NY — Lument, a national leader in commercial real estate finance, arranged a $22 million Fannie Mae acquisition loan for The Park at Via Roma, a garden-style multifamily community in Daytona Beach, Florida. The property was acquired by an experienced sponsor with a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo, Director in Lument’s Nashville office, spearheaded the transaction.
“This is Lument’s third successful closing with this experienced sponsor, and we were delighted to help deliver an optimal outcome for their latest acquisition,” said Palmedo.
The sponsor is known for its impressive track record of acquiring well-located multifamily properties with strong growth potential and improving them through thoughtful renovations, operational improvements, and ancillary income development. Originally built in 1974 and substantially renovated in 2017, The Park at Via Roma has been well-maintained over the years and will be a valuable addition to the sponsor’s portfolio.
The conventional multifamily loan features a low, fixed interest rate, 10-year term, 30-year amortization schedule and nine-and-a-half years of yield maintenance.
“In addition to the historically low fixed interest rate, the Fannie Mae loan features 75% loan-to-value (LTV) and five years of interest only, adding to the many benefits of this attractive transaction,” added Palmedo.
The Park at Via Roma consists of 288 units in 29 buildings. The property consists of 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units. Common amenities include two swimming pools, tennis courts, a fitness center, a clubhouse, and onsite laundry.
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. For more information, visit www.lument.com.