Lument Closes $29.6 Million Construction Loan for Multifamily Community in Georgia
New York, NY — Lument announced the closing of a $29.6 million construction loan to fund the construction of Luxe Park Apartments, a 280-unit multifamily community in Macon, Georgia. James Kelly led the transaction for Lument.
“We have completed both bridge and agency acquisitions with this accomplished sponsor in the past, and now we’ve added construction loans for them as well,” said Lument’s Kelly. “We relied on our construction financing expertise and productive relationship to put in place an attractive funding solution.”
The sponsor is an experienced developer that has built over 4,800 units in Georgia. Lument collaborated with Daniel Lerer of GFI Realty, a brokerage firm based in New York, on the transaction.
The community will consist of eight four-story buildings and a single-story clubhouse. The unit mix is 60 percent two-bedroom/two-bath, 20 percent three-bedroom/two-bath, and 20 percent one-bedroom/one-bath. Notable amenities include a clubhouse with billiard room, 24-hour fitness center, resort-style pool with waterfall, and stone fire pits. Unit amenities include patio or private balconies, granite countertops, vinyl flooring, walk-in closets, smart locks, and smart thermostats.
The loan is non-recourse and 75 percent loan-to-cost. It features a floating interest rate and three-year term.
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 sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member 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 adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.