Lument Closes $15.8 Million Refinance for Workforce Housing Community in Missouri
New York, NY — Lument today announced the closing of a $15.8 million commercial mortgage-backed securities (CMBS) loan to refinance The Penleigh-Branson Row, a new multifamily community in Branson, Missouri. Nicholas Diamond, a director on Lument’s conventional multifamily team, led the transaction.
The property was previously a 319-room motel before being converted to workforce housing. The Penleigh-Branson Row now features 325 studio apartments designed to attract workers from Branson’s many theaters and attractions.
“We’re proud to collaborate on this project that brings quality affordable housing for locals that service the Branson entertainment district,” said Lument’s Diamond. “Further, the sponsors were able to pay off their construction loan and obtain cash-out proceeds for their investors.”The $15.8 million CMBS loan features a fixed interest rate and ten-year, interest-only term.
After opening in late 2022, The Penleigh-Branson Row leased up quickly, suggesting there is strong demand for affordable housing in the area. Services provided at the community often go beyond typical affordable housing options and include free after-school tutoring for residents’ children, childcare, and in some cases up to 12 months of subsidized rent for working single mothers.
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 600 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 https://www.lument.com/.