New York, NY — Lument recently announced the closing of a $15.4 million bridge loan to facilitate the acquisition and renovation of Village on University, a 133-unit garden-style multifamily community in Denton, Texas. Lument Director John Sloot led the transaction.
“It was a pleasure working with this experienced sponsor to secure a short-term loan at a highly competitive interest-only rate,” said Sloot. “This funding solution met all of their goals and allowed them to acquire a value-add multifamily housing community in a timely manner.”
The bridge loan features a three-year term with two 12-month extension options and interest-only for the entire loan term. The loan structure includes approximately $1.8 million in CapEx funds for upgrades, including electrical, plumbing, flooring, kitchen, and bathroom interior improvements. Planned exterior upgrades include a new fitness center, new media center, security upgrades, and landscaping.
Village on University’s 133 apartments feature floor plans that range from studios to four-bedroom units. The property was built in 1968 and consists of 12 residential buildings and a leasing office on a land parcel of approximately 6.9 acres.
About Lument
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member 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 adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.