New York, NY — Lument recently announced the closing of a $12.8 million Fannie Mae conventional multifamily loan to facilitate the refinance of Civica, a 92-unit, garden-style apartment community in Hialeah, Florida, in Miami-Dade County. In addition to providing high-quality rental housing, Civica features four bottom floor retail spaces to benefit the surrounding community. Marc Suarez, managing director at Lument, led the transaction.
“The construction of Civica was completed in August 2020, and as of March 2021, the property is 100% occupied,” said Suarez. “We’re honored to have collaborated with this sponsor for another successful transaction.”
The experienced sponsors are repeat clients of both Lument and Fannie Mae. The refinance of Civica is the latest in a series of transactions that the three parties have collaborated on in recent years.
The loan features a low, fixed interest rate and a 10-year, full interest only term.
The community will be managed by Prestige Apartment Management, an affiliate of the sponsor’s real estate development business that currently manages nearly 1,000 units in the Miami-Dade County area.
