New York, NY – Lument announced the placement of a $14 million commercial mortgage-backed security (CMBS) loan to refinance Mi-Place at Vineyards, a 41-unit, 65,000 square foot retail mixed-use development in Lewes, Delaware. Ben Retter, a director on Lument’s debt capital markets team, led the transaction.
“Helping this experienced developer obtain CMBS financing for this high-quality, mixed-use community was a pleasure,” said Lument’s Retter. “The property is well-positioned for success given the beneficial refinance, the appealing mix of unit types, its location near population vacation destinations, as well as its top-notch management.”
The developer is Fernmoor, a land development and residential and commercial property management company based in New Jersey. Fernmoor, a repeat client of Retter and Lument, was established in 2009 with a focus on developing living solutions across New Jersey, Delaware, and Pennsylvania, including multifamily housing, single-family homes, townhomes, condominiums, active-adult communities, and luxury rentals. Since its inception, Fernmoor has successfully developed and managed 93 buildings, totaling more than 4,600 residential units completed or under construction.
Fernmoor’s signature apartment complex is branded as “Mi-Place”—small, smart communities located near major cities with a diverse array of options and floor plans. Mi-Place at Vineyards is part of a master-planned community which includes multifamily buildings, for-sale residential condominiums, for-sale carriage homes and townhouses, retail space, and a grocery store. Construction on the development began in 2010 and has been completed in phases ever since, with permanent financing provided by Retter as each property has been completed.
The CMBS loan has a fixed interest rate and five-year term. It replaces existing debt from a local bank.
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 offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet financing, as well as a full suite of capital market lending products. In addition, Lument provides a suite of real estate advisory solutions including 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.