Lument Closes $17 Million Fannie Mae Loan for Multifamily Community in Utah
New York, NY — Lument recently announced the closing of a $17 million Fannie Mae DUS® loan to refinance Altair at Riverwalk, a 96-unit multifamily community in West Haven, Utah. Lument Associate Director Matt Frank led the transaction and Aubrey Matthews at ARC Funding brokered it.
“It was a pleasure working with this repeat Lument client to fulfill their refinancing goals with this construction project,” said Frank. “In addition to featuring a competitive fixed interest rate, this Fannie Mae loan represents the first step of a three-phase property loan.”
When added together, all three phases of the loan will cover properties with a total of 378 units. The structure of the first-phase loan features a 12-year term and 30-year amortization period. All financing on future segments will also be with Fannie Mae, with the additional loans coterminous with the first-phase loan.
Altair at Riverwalk is a garden-style multifamily property that consists of four three-story residential buildings, an office building, and a pool equipment building—all situated on 5.9 acres of land. Each unit features a washer and dryer. Common amenities include a pool, spa, lounge, fitness center, playground, BBQ area, and open parking.
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument 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, investment banking, and investment management solutions. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.