New York, NY — Lument has provided a $34.9 million Fannie Mae DUS® conventional multifamily loan to refinance Parc Vista, a 212-unit garden-style apartment community in Hialeah, Florida that was completed in 2021. The deal was led by Marc Suarez, managing director at Lument.
The experienced sponsor is a repeat client of both Lument and Fannie Mae. The community will be managed by Prestige Apartment Management, an affiliate of the sponsor’s real estate development business that currently manages nearly 1,000 units in Hialeah.
“It was a pleasure to work with this valued Lument client on another successful refinance,” said Lument’s Suarez. “The Hialeah market is one of the most competitive in Miami-Dade County, with vacancies that remain lower than the market average despite 2,000 units being delivered in the past nine years. Parc Vista has already achieved over 98% occupancy in its first year, and thanks in part to this long-term financing, it will continue to provide residents with premium living accommodations for years to come.”
“Working with Lument and Fannie Mae, we were able to secure an excellent loan with a competitive rate,” said Alexander Ruiz, chief operating officer at Prestige Companies. “We truly appreciate Marc and the Lument team for helping us execute this transaction with speed and accuracy, as the structure supports our overall business strategy and considerable development pipeline.”
The loan features a 12-year term.
Parc Vista was built in 2021 and is situated on 5.17 acres of land. The property features 11 three-story apartment buildings with two-bedroom/two-bath units. Each 800-square-foot unit has its own balcony and comes with ceramic tile floors, granite countertops, as well as a washer and dryer. Amenities include a fitness center and clubhouse, along with 500 surface parking spaces.
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, real estate investment sales, 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.