New York, NY — January 21, 2025 — An affiliate of Treevita, a South Florida real estate investment, operating, and management company run by Hugo Cascavita that operates over 600 units according to its website, has closed a $26.4 million Fannie Mae conventional multifamily loan to refinance New Colony Homes, a market rate garden-style community in Lauderhill, Florida, near Fort Lauderdale.
The loan was originated by Joey Berezdivin at Lument, a leading multifamily lender. The Fannie Mae loan features a fixed interest rate, five-year term with three years of interest only, and 30-year amortization schedule. In addition to refinancing existing debt, the transaction provided substantial cash-out proceeds to be leveraged to expand the sponsor’s portfolio through strategic acquisitions.
Originally built in 1973, the community consists of 180 units in 16, two-story residential buildings. The borrower purchased the property in 2020 and subsequently invested nearly $5.8 million into the community, making significant improvements, including upgrades to unit interiors. The refinance provides permanent financing to position the community for long-term success as an important source of quality multifamily housing for residents in Broward County. New Colony Homes offers a mix one-bedroom, two-bedroom, and three-bedrooms apartments, ranging from 800 square feet to 1,000 square feet. The property is well positioned to increase its three-bedroom exposure due to a zoning variance on the property allowing for larger families to enjoy the newly renovated property.
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/.
