Lument Closes $16M Bridge Loan for Acquisition and Renovation of Texas Multi-Family Community
NEW YORK, April 28, 2022 /PRNewswire/ — Lument recently announced the closing of a $16 million exclusive bridge loan to acquire and renovate the Palazzo, a 92-unit garden-style apartment community in San Antonio, TX. Lument’s Phil Frasca conducted the transaction.
“It was a pleasure to work with this client to secure the necessary funds to acquire and improve the capital assets of this multi-building complex,” said Frasca. “With this financing, the borrower is able to build a concise plan to add value to this vintage 2000s property and transform it into a modern 2020s apartment community.”
the $16 million the bridging loan includes $1.3 million for renovations and offers a variable interest rate and a three-year term, with two 12-month extension options. Planned upgrades include upgrades to the exterior and common areas of the property, as well as repairs to its parking lot, swimming pool and clubhouse.
The Palazzo was originally built as condominiums in 2008, but due to poor economic conditions at the time, only eight out of 100 units were sold in the end. The remaining 92 units have been converted to rentals and consist of 20 one-bedroom, 48 two-bedroom, and 24 three-bedroom floor plans. The community is made up of 10 buildings located on 4.3 acres. Its facilities include a rental desk, fitness center, business center, and dog park.
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation UNITED STATES. Lument is a national leader in commercial real estate financing. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized capital solutions for investors in multifamily and affordable housing, retirement 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 more than 25 offices across United States. Securities, investment banking and advisory services are provided by 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 United States Securities and Exchange Commission. For more information, visit www.lument.com.
Tyler Howard | Associate Director
513-403-1911 | [email protected]
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