New York, NY — February 18, 2025 — Lument announces today that it has provided $110.8 million in Fannie Mae DUS® loans to refinance a six-property multifamily portfolio located in Chicago. The successful transaction refinances existing bank debt for the sponsor BJB Properties, an experienced Chicago-based owner-operator focused on long-term holds that currently owns and manages over 70 communities. Lument’s Evan Hom, a senior managing director based in New York, led the transaction.

“Fannie Mae’s support and flexibility led to a timely and efficient closing with favorable long-term financing, ensuring the portfolio has a strong fiscal position for the next decade,” said Lument’s Hom. “The incredible performance of these assets underscores their value, and this financing helps preserve top-tier rental housing that’s affordable for Chicagoans.”

The six Fannie Mae loans refinanced the following properties:

  • 244 E Pearson, a 223-unit community in the Near North Side.
  • 1036 N Dearborn, a 135-unit community in the Near North Side.
  • 320 N Michigan, a 119-unit community in the Loop.
  • 1246 W Pratt, a 123-unit community in Rogers Park.
  • 11 W Division, a 110-unit community in the Near North Side, and
  • 1939 N Lincoln, a 59-unit community located in Lincoln Park.

“The level of service and teamwork across all parties involved in this transaction was exceptional,” said a spokesperson for BJB Properties. “The collaboration between Lument and Fannie Mae was seamless, resulting in an execution that not only supports our current goals, but aligns with our long-term vision for these properties.”

All loans carry fixed interest rates, 10-year terms, and 35-year amortization schedules. Five loans are full-term interest only and one features five years of interest only. The structures also maintain flexibility for future supplemental financing from Fannie Mae.

The six-community portfolio is highly mission driven, as approximately half the units are affordable to renters at 80% of area median income (AMI). The communities enjoy strong occupancy with all averaging nearly 100%.

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, seniors housing, and healthcare real estate. Lument offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet bridge financing, as well as a full range of capital markets lending products. In addition, Lument provides a suite of real estate advisory solutions including investment sales, investment banking, and investment management. The company has over 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 www.lument.com.