Lument grants $ 17.5 million bridge loan to refinance Atlanta’s multi-family community
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NEW YORK, December 10, 2021 / PRNewswire / – Lument closed a $ 17.5 million exclusive bridge loan to refinance The Peach, a newly renovated 68-unit high-rise apartment community in Atlanta, Georgia. RJ Guttroff, Managing Director of Lument, led the transaction.
The property was originally built in 1964 as an office building and underwent a renovation in 2021 to reposition it as a multi-family apartment. The sponsor is well established in the Atlanta and has carried out more than 3,500 apartment renovations through private and public partnerships.
âThe sponsor, a first client of Lument, had several goals: to repay existing debt, to stabilize the occupancy of the property and to complete the renovations,â said Guttroff. “Lument’s loan provided essential funding and allowed the sponsor to complete all necessary steps, as well as stabilize a commercial component in the building.”
Lument’s bridging loan has a two-year term with two six-month extension options, as well as a variable interest rate.
The Peach offers amenities such as a business center, conference rooms and a pet play area. Unit amenities include luxury flooring, stainless steel appliances, wood cabinets, in-unit washers / dryers, and patio / balconies with sea views. that of Atlanta Midtown and Buckhead neighborhoods.
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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 traditional industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of tailor-made capital 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 suite of proprietary commercial lending, investment banking and investment management solutions. Investment advisory services are provided by OREC Investment Management, LLC, d / b / a Lument Investment Management. OREC Investment Management is registered as an investment advisor with the United States Securities and Exchange Commission. For more information visit www.lument.com.
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