New York, NY — Lument has closed two Fannie Mae DUS® loans totaling $28.3 million to facilitate the acquisition of a three-property manufactured housing community (MHC) portfolio in the Dallas-Fort Worth metroplex. The deal was led by Sloan G. Stevens, a director at Lument.
Both loans feature 12-year terms and 30-year amortization periods. All three properties, which have 422 total sites, are 100% mission-driven, with every unit designated as an MHC with the sponsor maintaining Tenant Site Lease Protections (TSLP). The loans also provide $570,000 in capital expenditures to be used for repair, maintenance, and improvements at the communities, including a turf sports field and new roads.
“We were excited to finance these high-quality communities with this fantastic repeat customer,” said Lument’s Stevens. “We were able to lock the rate well below expectations and provide impressive interest only terms to the owner, allowing our client to execute on their proven business plan of improving the quality of their communities from day one – all while providing exceptional quality affordable housing across their rapidly growing portfolio.”
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 sales, 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.