Lument Arranges $50 Million to Refinance Two Texas Multifamily Communities

News provided by

Jan 14, 2021, 14:32 ET

NEW YORK, Jan. 14, 2021 /PRNewswire/ -- Lument has provided two conventional multifamily loans totaling $50 million to refinance two Texas apartment communities, The Palazzo in San Antonio and Fairways at South Shore in League City, a suburb located between Houston and Galveston. The sponsor, Venterra Realty, owns and manages apartments in six states that are home to more than 29,000 people. Colin Cross, a managing director based in Lument's Dallas office, originated the transaction.

"These financings for properties owned by one of the premier multifamily owners in the country highlight our capacity to match the funding source and the execution to the specific circumstances surrounding a property," Cross said.

Lument secured a $40 million, fixed-rate Freddie Mac loan for Fairways at South Shore. The seven-year loan, which qualified for the agency's Green Up program, has 24 months of interest-only payments, followed by a 30-year amortization schedule. Lument also arranged a $10 million fixed-rate Fannie Mae loan for The Palazzo. The loan, completed as a Green Rewards transaction, has a five-year term, also amortized on a 30-year schedule.

The execution of the transactions was complicated by fractured ownership of the communities. In both cases, however, Venterra owns more than 90 percent of the units and controls the condominium board.

"The Lument team really delivered for us," said Dror Goldberg, Venterra's executive vice president of acquisitions. "They closed both deals on the same day, going from locking to closing in just 24 hours to meet our end-of-quarter deadline. The transactions allowed us to take advantage of historically low interest rates during a tumultuous period in the markets. Lument made it look easy."

Built in 2007, The Palazzo has 100 units, which feature fireplaces, walk-in closets, granite countertops and washer/dryers. Fairways at South Shore, built in 2000, has 432 units with comparable amenities. Both communities have swimming pools and fitness centers.

About Lument

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 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. For more information visit www.lument.com.

MEDIA CONTACT
Michael Ratliff | Marketing Director
212-588-2163 | [email protected]

SOURCE Lument