New York, NY — February 5, 2024 — Lument today announced the closing of a $64.6 million loan through Freddie Mac’s Capital Markets Execution program to refinance Nine East 33rd, a 568-bed student housing property located adjacent to the Johns Hopkins University Homewood campus.
Tim Smits, a director on Lument’s conventional production team, led the transaction, which features an attractive five-year fixed rate mortgage with interest only. The loan allows the borrower, a repeat Freddie Mac sponsor, to exit short-term financing taken on when the property was acquired in 2021.
“We are happy to have a successful outcome for this dedicated student housing owner-operator, especially in this challenging capital markets environment,” said Smits.
The borrower, HH Fund, is an owner and operator focused on investment and management of student housing properties. It has a current portfolio that includes 7,000 beds in 15 properties across seven states.
Constructed in 2016, Nine East 33rd consists of 157 units in various one-, two-, three-, and four-bedroom floorplans. All offer high-end finishes and come fully furnished.
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.
