New York, NY — Lument has announced the closing of a $7.5 million Freddie Mac Small Balance Loan (SBL) to refinance Fairview Village Apartments, a 62-unit mid-rise multifamily apartment community in Fairview, Oregon. Chris Warren, a managing director at Lument, led the transaction.
“We are proud to have secured funding that accomplishes all of this client’s refinancing goals,” said Warren. “This loan provided aggressive debt terms, including a favorable interest rate, substantial interest-only period, and a significant cash-out.”
The Freddie Mac SBL is a seven-year hybrid loan with a 20-year term, including a low, fixed interest rate for seven years and seven years of interest-only payments. The loan’s total amortization period is 30 years, and it was approved with the sponsor’s requested cash-out proceeds.
Fairview Village was listed as nearly fully occupied as of the end of 2021. It was originally constructed in 2004 and currently consists of two three-story apartment buildings. Each of the 62 units includes air conditioning and a built-in microwave, electric range, and garbage disposal.
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, real estate investment sales, investment banking, and investment management solutions. Lument has approximately 600 employees in over 25 offices across the United States. 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.