Lument Closes $7.7 Million Fannie Mae Loan for Acquisition of Multifamily Community in Detroit
New York, NY — Lument announced the closing of a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden style apartment community located approximately a mile east of downtown Detroit. The sponsor is Greatwater Opportunity Capital, a repeat Lument client, whose principals own nearly 2,000 apartments across 40 properties. James Kelly led the transaction for Lument.
“Working with the team at Greatwater is always a pleasure, and this successful acquisition was no different,” said Kelly. “We’re happy to help Greatwater advance their goals of providing quality affordable housing to the people of Detroit.”
The loan has a seven-year term, with 12 months of interest only, a 30-year amortization and low, fixed interest rate. In addition to funding the acquisition, the closing provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations.
Greatwater Opportunity Capital is a repeat client of both Lument and Fannie Mae. Its co-founders have a combined nearly 30 years of experience in commercial and multifamily real estate ownership and management experience in Detroit. Greatwater was a 2022 Freddie Mac Impact Sponsor Award recipient for its commitment to affordability, sustainability and resident services. Greatwater co-principal Justin Golden noted this is the fourteenth loan his company has closed with Lument.
“Lument has consistently helped us achieve our objectives by always being reliable, flexible, and incredibly transparent,” he said.
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 650 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 www.lument.com.