Dealmaker: Lument Provides $47M in Multifamily Bridge Loans
Lument, New York, provided $46.9 million in bridge loans for multifamily communities in Florida and Texas.
In Miami, Lument Managing Director Marc Suarez arranged $33 million in acquisition and renovation financing for Parc Place Apartments, a 234-unit community. Sponsor The Lynd Co., San Antonio, is a multifamily developer and manager with a 42,000-unit portfolio across 26 states.
The three-year floating-rate bridge loan provided more than $2 million for capital improvements as well as significant funds for debt service reserves.
Garden-style community Parc Place dates to 1972 an includes 13 three-story apartment buildings.
In Fort Worth, Texas, Lument Associate Director John Sloot and Managing Director Colin Cross closed a $13.9 million proprietary bridge loan for 192-unit community Saddlehorn Vista. Old Capital Director John Brickson brought the deal to Lument.
“By financing the $13.9 million bridge loan, we were able to help the sponsor acquire Saddlehorn Vista with a short-term, interest-only execution at a competitive interest rate,” said Sloot, noting the financing will give the Texas-based multifamily investor the time and funding needed to complete renovations, allowing them stabilize the property to market potential.
The bridge financing provided more than $900,000 for immediate capital improvements to the community, including new paint and signage, playground upgrades and 36 new carports.