Lument grants $ 12.9 million acquisition loan to Fannie Mae for multi-family community in Dayton, Ohio
NEW YORK, May 3, 2021 / PRNewswire / – Lument recently provided acquisition financing in the form of a $ 12.9 million Conventional loan from Fannie Mae to an experienced multi-family housing sponsor for the purchase of The Landing Apartments, a community of 166 high-rise, garden-style units in Dayton, Ohio. Steven cox, Senior Managing Director of Lument’s new York office, led the transaction.
“Working with this experienced sponsor to organize financing for the acquisition of Fannie Mae has been a pleasure,” said Cox. “The Landing Apartments are an important source of quality housing in their area. With acquisition financing, immediate repairs and new property management, the community is well prepared for a bright future.”
The loan has a 10-year term, three years interest only, with a 30-year amortization schedule and a nine-and-a-half-year performance maintenance period. In addition to providing acquisition financing, successful closing provides for approximately $ 145,000 for immediate repairs. These funds will be used for new roofing, landscaping and other improvements.
John Dragone and Chris Senzapaura of Trinity Street Capital worked as a broker on the transaction.
The Landing Apartments consist of a 13-storey building and 13 two-storey garden-style apartment buildings. The high rise section was originally developed in 1929 and the townhouse buildings were added in 1991 when the tower was renovated. About 60% of the units are mission-oriented and affordable to tenants at 80% of the area’s median income (AMI).
ORIX Real Estate Capital Holdings, LLC, d / b / a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As a combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized investment solutions for investors in multi-family housing, affordable housing, residential housing the elderly and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA lender. Additionally, Lument offers a suite of proprietary commercial lending, investment banking and investment management solutions. Lument has around 600 employees in more than 25 offices across United States. Securities, investment banking and advisory services are provided through OREC Securities, LLC, d / b / a Lument Securities, member of 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 advisor with the US Securities and Exchange Commission. For more information visit www.lument.com.
Michael ratliff | Marketing director
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