New York, NY — Lument recently provided a $6.8 million Freddie Mac small balance loan (SBL) to refinance Casitas Del Este, a 78-unit, garden-style apartment community in El Paso, Texas. Lument Managing Director Steve Beltran led the transaction.
“This refinance loan fulfilled all of our client’s goals,” Beltran said. “The sponsor was pleased with the low, fixed interest rate and will use the cash-out funding to make some valuable upgrades to the community.”
The Freddie Mac SBL is structured as a seven-year, fixed-rate loan with a 30-year amortization and two-year interest-only period. The loan also includes significant cash-out proceeds, which the borrower intends to use to enhance the property, which was 100% occupied as of last summer.
Casitas Del Este is managed by InnoStrat, LLC, a local professional property management company that currently oversees 25 properties and 1,095 units in the El Paso area. The property is situated on 7.70 acres and has a total net rentable area of 74,664 square feet, with common amenities that include a pool, business center, billiards room, fitness center, and playground.
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. 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. For more information, visit www.lument.com.