Dealmaker: Lument Closes $55M in Multifamily Bridge Financing

Lument, New York, provided $55 million in bridge loans for multifamily communities in Texas and Tennessee.

Legends Lakeline

In Austin, Texas, Lument provided $41.2 million to fund the acquisition and renovation of Legends Lakeline, a 222-unit low-rise community. Marc Suarez, Managing Director at Lument, led the transaction.

The property, which dates to 2008, has five four-story garden-style residential buildings on 8.3 acres.

The sponsor for this loan, The Lynd Co., San Antonio, Texas, owns 42,000 units across 26 states.

“Our proprietary bridge loan met all the client’s objectives, allowing them to bring their traditional value-add model to Austin, a market that continues to show positive trends,” Suarez said.

Lument’s three-year floating-rate loan came with two 12-month extension options. It included $4.5 million to pay for planned capital improvements, including interior and common area renovations.

Lument also closed a $13.8 million bridge loan for Covenant Crossing, a 110-unit garden-style community in Nashville, Tenn. John Brickson, Director with Old Capital, Dallas, referred the transaction to the firm. Lument Managing Director Colin Cross and Associate Director John Sloot closed thee deal.

Cross noted the financing provided $1.7 million for substantial renovations including new vinyl flooring, granite countertops and upgraded lighting and plumbing.

Built in 1969, Covenant Crossing last traded in 2015. It currently maintains a 99 percent occupancy rate.