New York, NY — Lument announced today that it has closed a $22.6 million Fannie Mae loan to refinance Pinebrook Apartments, a 208-unit garden-style apartment community in Jacksonville, Florida. The transaction was led by Owen Breheny, a managing director at Lument.
The conventional Fannie Mae loan has a 10-year term with seven years of interest only payments and a 30-year amortization schedule. The sponsor was Bella Property, LLC and the deal was brokered by Tim Stevens, principal at CREFCO, both repeat Lument clients.
The loan originated in June 2021 as a Lument proprietary bridge loan through Lument’s Real Estate Investment Strategy group. The sponsor brought over 25 years of experience and an established portfolio of over 1,450 units across California, Texas, South Carolina, North Carolina, Florida, and New Mexico.
Originally built in 1974, Pinebrook Apartments consists of 16 one- and two-story buildings on an 11.1-acre parcel of land. The community offers attractive amenities, many of which have been recently upgraded.
Since acquiring Pinebrook Apartments in 2021, the sponsor has invested approximately $2 million to renovate the interior and exterior of the property. Upgrades also included a remodeled clubhouse, revamped fitness center, improved security features, and HVAC replacements.
About Lument
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and 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, real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit https://www.lument.com/.