Lument closes $ 33 million refinance from Fannie Mae for Alabama multi-family community


NEW YORK, March 18, 2021 / PRNewswire / – Lument recently closed a $ 33 million Fannie Mae conventional multi-family loan to refinance Stone Ridge Apartments, a 317-unit garden-style apartment complex in Mobile, Alabama. Chairman and CEO Chad Hagwood and vice-president Brandon Pie at Lument Birmingham, Alabama office, led the transaction.

The sponsor of Stone Ridge Apartments has over 35 years of commercial real estate experience and a 15 year working relationship with Lument’s Hagwood. The refinancing of Stone crest is the latest in a long list of successful transactions with Fannie Mae and Freddie Mac that they have completed together.

Stone crest is a premier multi-family community run by a premier sponsor, and we were happy to once again help them take advantage of the many benefits of agency funding, ”said Hagwood,“ Fannie Mae’s first mortgage paid off existing debt, which was nearing maturity, provided capital for property improvements and returned a substantial amount of equity to the borrower. “

The loan has a low fixed interest rate, a 12-year term with only five years of interest, and 30-year amortization. In addition, the loan has a maximum loan to value ratio of 75%.

“Chad, Brandon and the whole team at Lument have done a great job honoring this loan,” said Jared hauser, Director of Finance at Dominion Partners. “Not only did they get a low interest rate and a substantial withdrawal proceeds, but they did so in a remarkably timely fashion, closing the loan within 45 days of the request.”

Stone crest offers eight different floor plans in its 18 residential buildings. It was originally built in 2008 and has recently undergone approx. $ 1.3 million major improvements and renovations, leaving the property in excellent condition. With Fannie Mae’s advantageous permanent financing now in place, combined with the property’s track record of strong performance, Stone crest is poised for a bright future by providing high quality housing to residents of Mobile.

About Light
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 a combined organization of historic industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized investment solutions for investors in multi-family, affordable, senior housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA lender. In addition, Lument offers a range of exclusive commercial lending, investment banking and investment management solutions. Lument has around 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 of FINRA / SIPC. For more information visit www.lument.com.

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