Dealmaker: Lument Closes $23M Bridge Loan for Texas Multifamily

Lument, New York, closed a $22.6 million proprietary bridge loan for acquisition and renovation of The Junction, a 205-unit multifamily community in Arlington, Texas.

Lument Managing Director Ted Nasca led the transaction. He noted the financing provided the sponsor the necessary funds to meet their objectives, including financing for needed improvements that will add value to the property.

The deal was sponsored by American Ventures, Austin, a firm that has acquired, renovated, stabilized and sold 13 Texas assets with 2,985 units over the past 10 years. It will include guarantors from both American Ventures and Impex Capital, Houston, a privately held real estate investment firm that owns and manages nearly $1.2 billion in properties.

Nasca structured the loan with a $20.7 million initial funding and a $1.9 million future funding facility for interior upgrades, including new washer/dryers, appliances, countertops and flooring. The three-year variable interest rate loan included two 12-month extension options.

“Our two existing clients, Shravan Parsi of American Ventures and Ash Shah of Impex Capital, partnered to form a very strong ownership team to make this value-add project a great success,” Nasca said.

Built in 1970 at 3201 E Park Row Drive, The Junction houses 28 two-story, garden-style residential buildings and a leasing office/clubhouse on nine acres.