New York, NY – March 4, 2024 – Lument announced today the closing of a $33.7 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Sec. 223(f) loan to refinance a 281-unit multifamily property in Richardson, Texas. Steve Beltran, managing director at Lument based in Texas, led the transaction.
The refinance was underwritten using a fixed interest rate and 35-year term. The property qualified for a reduced mortgage insurance premium (MIP) of 25 basis points by obtaining a GreenPoint Rated existing home multifamily certification.
“We were pleased to again work with the borrower to complete this loan with a long-term and reduced fixed income rate that will help them strategically position their project for the future,” said Beltran. “Additionally, by qualifying for reduced Green Mortgage Protection Insurance, not only does the borrower have reduced MIP payments, but also the residents and community will benefit from reduced energy consumption.”
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.
