New York, NY — September 26, 2024 — Lument announced the closing of a $65.8 million Fannie Mae loan to finance the development of a 356-unit affordable housing community in Roseville, California. Timothy Hoppin, managing director based in Denver, led the transaction for Lument.
A Fannie Mae bond credit enhancement was used to finance the new construction project. Upon successful conversion, the permanent loan will have a 15-year term, 40-year amortization, and a fixed interest rate.
“We are pleased to secure a loan that helped advance the sponsor’s business goals while providing brand new, high-quality affordable housing to the residents of Roseville,” said Hoppin. “The creative structure attracted a wide pool of investors that led to a very competitive fixed interest rate for the permanent financing.”
Construction on the 4% low-income housing tax credit (LIHTC) multifamily community is set to conclude in 2026.
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/.
