Lument Provides $26.7 Million Bridge Loan for the Acquisition and Renovation of Florida Multifamily Community
New York, NY —Lument recently announced the closing of a $26.7 million proprietary bridge loan to acquire and renovate Harbor Village Apartments and Townhomes, a 229-unit multifamily apartment community in Melbourne, Florida. Josh Messier, managing director at Lument, led the transaction.
“It was a pleasure to work with these experienced, repeat Lument clients,” said Messier. “We were able to structure and fund 100% of the required capital expenditures with loan proceeds to help them achieve their goals, including $3.8 million in capital improvements to upgrade unit interiors and amenities.”
The $26.7 million bridge loan features a variable interest rate and a three-year term, with two 12-month extension options. The community’s current occupancy is 96%.
The Harbor Village property is made up of two sections: Harbor Village Apartments and Harbor Village Townhomes. Harbor Village Apartments was completed in 1976 and is situated on 6.43 acres of land with 143 apartments in eight buildings. Harbor Village Townhomes contains 86 units in 18 two-story wood frame town-homes and was built on 5.80 acres in 1983. Onsite amenities for each section include a swimming pool and laundry facility.
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, real estate investment sales, investment banking, and investment management solutions. Lument has approximately 600 employees in over 25 offices across the United States. 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.