Dealmaker: Lument Closes $26M in Fannie Mae Loans

Lument, New York, recently closed $25.7 million in Fannie Mae loans on multifamily assets in Florida and Ohio.  

In Hialeah, Fla., Lument Managing Director Marc Suarez facilitated $12.8 million to refinance Civica, a 92-unit garden-style apartment community with four ground-floor retail spaces.

Construction of Civica was completed in August 2020, and as of March, the property is 100 percent occupied, Suarez said. He noted the 10-year fixed-rate loan is full-term interest-only.

Lument also provided a $12.9 million Fannie Mae conventional loan to purchase The Landing Apartments, a 166-unit community in Dayton, Ohio. Steven Cox, Senior Managing Director in Lument’s New York office, led the transaction.

Trinity Street Capital Partners Managing Director John Dragone and Real Estate Investment Banking Analyst Christopher Senzapaura brokered the transaction.

The 10-year loan included three years of interest-only payments. In addition to acquisition financing, it provided $145,000 for new roofing, landscaping and other improvements.

The Landing Apartments has one 13-story high-rise building and 13 two-story garden-style townhouse apartment buildings. The high-rise portion dates to 1929 and the townhouse buildings were added in 1991 when the high-rise was renovated. Most units are affordable to renters at 80 percent of area median income.