New York, NY — Lument today announced the closing of a $17.4 million Fannie Mae affordable loan to refinance Riverside Meadows, a 240-unit multifamily community in Austin, Texas. Steve Beltran, a managing director on the conventional multifamily team based in El Paso, Texas, led the transaction, along with Denver-based Paul Weissman, senior managing director and head of national affordable housing production.
“We were thrilled to collaborate with this borrower, a repeat client of Lument, to help them improve the fiscal outlook of Riverside Meadows,” said Beltran.
The Fannie Mae loan features a fixed interest rate, 30-year amortization rate, and 10-year term, five of which are interest only. Other funding sources included a Texas Community Housing Development Organization tax exemption.
“As a result of the successful refinance, the property is well positioned to provide long term affordability for the Austin community,” Lument’s Weissman added.
Built in 2002, Riverside Meadows consists of 10 buildings on approximately 14.5 acres. In addition to refinancing existing debt, the closing provides approximately $1 million for exterior building and common area repairs and improvements, as well as new appliances for 120 units.
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 is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, 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. Investment advisory services are provided by 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.