New York, NY – May 8, 2024 – Lument announced today the closing of a $16.1 million Fannie Mae conventional multifamily loan to refinance a 218-unit apartment community in Edinboro, Pennsylvania. Lument’s Mordechai Chern led the transaction.
The sponsor, Bayit Capital, acquired the property in 2022 and converted what was previously student housing into a traditional garden-style multifamily community, all while growing rents and bottom-line net operating income substantially.
“We’re thrilled to credit this sponsor for successfully executing his business plan by reaping the benefits of a Fannie Mae refinance, as the terms and equity cash-out proceeds help position the property well for the long-term,” said Lument’s Chern.
The Fannie Mae loan has a five-year term, with interest-only payments for the first two years, a 30-year amortization, and fixed interest rate. In addition, the closing provides substantial equity cash-out proceeds.
Originally constructed in 1970, the community’s 218 units are within 22, two-story residential buildings on a nearly 13-acre site.
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.
