NEW YORK, June 21, 2021 / PRNewswire / – Lument provided $ 17.4 million USA Fannie Mae DUS® Standard Multi-Family Loan to Refinance Ivy Hills Apartments, a 164-unit residential complex in Cincinnati ohio… Stephen Cox, senior managing director of Lument’s New York office made the deal.
The sponsor, with over 35 years of experience and a portfolio of approximately 5,500 apartments in 26 communities, acquired Ivy Hills Apartments in early 2020. Since the acquisition, the sponsor has invested approximately $ 1.8 million substantially renovate 60 apartments and plans to spend more $ 1.75 million 50 additional units to be repaired during 2021.
“We have closed several Fannie Mae loans with this seasoned sponsor and it is always a pleasure to help them achieve their goal of providing high quality multi-unit housing,” Cox said.
Ivy Hills Proven well during the COVID-19 pandemic, with a 92.3% occupancy rate as of March 2021. The community, which was built in 1996, consists of 31 buildings that offer a mix of two and three bedroom apartments. Amenities include a fitness center, swimming pool and private garage parking.
Fannie Mae’s loan has a low fixed interest rate, a 12-year maturity with only five years of interest and a 30-year maturity schedule.
ORIX Real Estate Capital Holdings, LLC, d / b / y Lument, is a subsidiary of ORIX Corporation USA… Lument is a national leader in commercial real estate finance. Lument is a combined organization of seasoned industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, and offers a full suite of capital solutions tailored to investors in affordable apartment buildings, senior housing and medical real estate. Lument is a lender to Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA. In addition, Lument offers a suite of proprietary solutions for commercial lending, investment banking and investment management. Securities, investment banking and advisory services are provided through OREC Securities, LLC, d / b / a Lument Securities, a member of FINRA / SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d / b / a Lument Investment Management. OREC Investment Management is registered as an investment advisor with the US Securities and Exchange Commission. For more information visit www.lument.com…
Michael Ratliff | Marketing director
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