New York, NY — Lument announces today the closing of an $11.5 million Fannie Mae conventional loan to refinance the Burke Apartments, a 144-unit multifamily community in Pasadena, Texas, within the Houston MSA. Edward Gray, director with Lument based in Houston, led the transaction.
“Collaborating with M1 Real Capital has led to tremendous results, as we have now completed the overall strategy with the permanent Fannie Mae financing following the acquisition of Burke Apartments in 2023 via a bridge loan,” said Lument’s Gray.
The Fannie Mae loan has a fixed interest rate, five-year term with interest only for the first two years, and 30-year amortization.
Originally built in 1984, Burke Apartments was acquired by M1 Real Capital in 2023. Substantial renovations were then completed to improve the community for residents.
“Acquiring Burke Apartments and putting in place cost-effective permanent financing was an integral part of our growth strategy,” said Marcin Drozdz, managing partner at M1 Real Capital. “Edward Gray and Lument have proved deft at expertly guiding us through the process to arrive at a beneficial outcome that positions our company well for the future.”
Throughout his career, Drozdz has sourced private capital to fund several businesses and help acquire over 1,600 apartment units.
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/.