New York, NY — Lument has provided a $48.8 million Freddie Mac conventional loan to refinance Sanctuary at 331, a 264-unit luxury multifamily community in Santa Rosa Beach, Florida. Lument Managing Director Steve Beltran led the transaction.
“We were pleased to work with Freddie Mac to refinance this property on Florida’s economically vibrant Emerald Coast,” said Beltran. “This loan was refinanced out of a HUD contract and met all of our client’s objectives, including a low, fixed interest rate, and 60 months of interest-only payments.”
The total loan amount of $48.8 million features a 10-year term and 30-year amortization. The property is currently managed by Cushman and Wakefield Property Management.
The sponsor of the loan is an affiliate of Hunt Companies, currently the fourteenth largest multifamily housing owner in the country according to the NMHC Top 50. Hunt has more than 4,900 market-rate units under asset management and has constructed more than 118,000 units. The company and its subsidiaries also asset manage over 77,000 affordable units and 51,000 units of military housing.
Sanctuary at 331 is an 11 building garden-style community that is situated on nearly 32 acres and currently maintains an occupancy of 97%. Units feature stainless steel appliances, private patios, scenic views, and in-unit washers/dryers. Common area amenities include a 24-hour fitness center, swimming pool and Jacuzzi, clubhouse, a dog park, and garage storage units.
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. 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.