New York, NY — Lument announced the closing of a $11.3 million Freddie Mac conventional multifamily loan to refinance Easton Parc Apartments, a 232-unit garden-style community in Sherman, Texas. Sloan Stevens, director for Lument based in Alabama, led the transaction.
The $11.3 million Freddie Mac loan refinances the borrower’s existing debt from a maturing loan. The Freddie Mac loan features a fixed interest rate, a 10-year term with five years of interest only, and a 30-year amortization.
Built in 1986 and renovated in 2013, Easton Parc Apartments consists of 22 two- and three-story residential buildings on nearly nine acres. Amenities include a dog park, laundry center, clubhouse, tenant storage, and a swimming pool.
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/.