NEW YORK, July 29, 2021 /PRNewswire/ -- Lument recently has closed a $50.4 million Freddie Mac loan to facilitate the acquisition of Gramercy Apartments, a 436-unit multifamily community in Carmel, Indiana, near Indianapolis. The transaction was led by Xavier Salinas, an associate director in Lument's New York office, who was recently named a 2021 Next Generation Award winner by Connect Media.
The seller purchased Gramercy in 2004 and the community was last renovated in 2016, with approximately $19.7 million invested in significant interior and exterior improvements, including a new clubhouse and leasing office. The sponsor acquiring Gramercy plans to complete additional renovations post-acquisition of approximately $12,000 per unit, for a total over $5.2 million.
"We are excited to announce the closing of this important acquisition for our client," said Salinas. "There were several layers of complexity to this transaction, including the bifurcation of two existing phases and a swap of transfer of interest, but the Freddie Mac loan program proved to be an ideal solution that allowed the sponsor to achieve all its objectives."
The Freddie Mac loan features a 10-year term, with three years of interest only, an adjustable interest rate, and 30-year amortization schedule.
Originally constructed in 1967, Gramercy Apartments is a garden-style community consisting of 34, two-story buildings and seven detached garage structures. Amenities include a fitness center, swimming pool, sports court, dog parks, and playgrounds. Occupancy at the community has remained strong throughout the COVID-19 pandemic, averaging above 94% since March 2020.
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 sales, 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. 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 U.S. Securities and Exchange Commission. For more information, visit www.lument.com.
Michael Ratliff | Marketing Director
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