Lument Closes Bridge Loan for Acquisition of Multifamily Community in Texas
New York, NY — Lument announced today the closing of a bridge loan to facilitate the acquisition and renovation of The Nest, a 104-unit garden-style multifamily community in San Marcos, Texas. Lument’s John Sloot and Colin Cross, both based in Dallas, led the transaction, which was brought to Lument by John Brickson of McKinney Realty Capital.
“Our proprietary bridge loan program proved an effective and timely solution for this experienced sponsor, as it provided a short-term loan at a competitive interest-only rate that allowed them to acquire a value-add multifamily housing community,” said Sloot.
The bridge loan features a floating interest rate and three-year term. The successful closing provides approximately $1.2 million in capital expenditure funds for renovations that will help the community achieve market rents, and in turn fully stabilize the property. Planned renovations include new vinyl wood floors, upgraded bathroom vanities, water conservation systems, and upgraded lighting and cabinet hardware.
Built in 1975, the community consists of 23, two-story residential buildings and is situated on approximately five acres. The apartment mix consists of 10 one-bedroom units, 92 two-bedroom units, one three-bedroom unit, and one four-bedroom unit. Amenities include a pool, basketball court, turf soccer field, dog park, common laundry room, and gated entry.
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.