New York, NY — October 8, 2024 — Lument placed a $45.5 million bridge loan to facilitate the lease-up and stabilization of the Reserve at Temple Terrace, a 290-unit, 10-building multifamily community in Temple Terrace, Florida.
Mark Vinitsky and Ralph Wurzburger from Lument’s debt capital markets team represented the borrower and arranged the financing. The transaction was originated and structured as a three-year, full-term interest-only, non-recourse loan from Ease Capital. The loan has a floating interest rate.
“We are extremely pleased with the execution we were able to obtain for our client in a challenging market environment,” said Mark Vinitsky, managing director at Lument. “The flexible and accretive financing solution offered the optimal structure to advance the next phase of our client’s business plan for this well-positioned property.”
The Reserve at Temple Terrance previously operated as a student-housing complex serving the University of South Florida. Under the ownership of Boardwalk Holdings, the property has been redeveloped as a market-rate multifamily community and is currently undergoing lease-up. The property achieved 45% occupancy within six months of Boardwalk Holdings completing its renovation plan.
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. For more information, visit https://www.lument.com/.
