New York, NY — April 14, 2025 — Lument has announced the closing of an $8.1 million Fannie Mae loan to refinance Ellis Avenue Apartments, a newly constructed 37-unit, mid-rise multifamily community located in Irvington, New Jersey. The transaction was led by Mark Vinitsky, managing director, and Brian Walton, director, both members of Lument’s real estate capital markets team based in New Jersey.
The construction of Ellis Avenue Apartments marks a significant milestone for the Township of Irvington, as it is one of the few newly built multifamily developments the community has seen in several years.
“This development is a sign of a bright future for Irvington,” said Vinitsky. “It not only reflects the city’s ongoing revitalization efforts, but also delivers modern, high-quality housing that meets the needs of today’s residents.”
The Fannie Mae loan features a five-year term, 30-year amortization, and a fixed interest rate.
“The sponsors’ long-term vision and investment in the property made this an ideal candidate for financing,” added Walton.
The property offers residents contemporary amenities and is ideally located in Essex County, with proximity to shopping centers, parks, restaurants, and public transportation.
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 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/.
