New York, NY — Lument has provided a $33 million bridge loan to facilitate the acquisition and renovation of Parc Place Apartments, a 234-unit multifamily community in Miami, Florida. The Lynd Company is the sponsor, and Marc Suarez led the deal for Lument.
“Lynd is an exceptional developer with a history of successful acquisitions and bridge-to-agency executions,” said Suarez. “It was our pleasure to collaborate with them on this $33 million bridge loan for the acquisition of Parc Place, a worthy addition to their already-impressive portfolio.”
A repeat client of Lument, Lynd Company is a multifamily developer and manager with a portfolio of 42,000 units in 187 properties across 26 states. Lynd has extensive multifamily experience in Florida, having managed nearly 12,000 units in the state, over 6,000 of which were also owned by Lynd.
“Once again, we had a terrific experience working with Lument to install bridge financing for a strategic acquisition,” said Matthew Merritt, chief financial officer at Lynd. “Marc and his team always deliver, allowing us peace of mind as we focus on providing high-quality housing to renters across the affordability spectrum.”
Parc Place is a garden-style community constructed in 1972 that features 13, three-story apartment buildings. The 234 units consist of 126 one-bedroom units, 90 with two bedrooms, and 18 with three bedrooms.
The bridge loan features a floating interest rate and three-year term. In addition, it provides over $2 million for capital improvements as well as significant funds for debt service reserves.
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.