Legends Lakeline Snags $41M Bridge Loan for its Acquisition

A $41.2 million proprietary bridge loan was recently provided to fund the acquisition and renovation of Legends Lakeline, a 222-unit low-rise multifamily community in Austin. The property was constructed in 2008 and consists of five four-story garden/low-rise apartment buildings. It is situated on a single parcel covering 8.32 acres and holds 215,531 net rentable square feet.

Marc Suarez, managing director at Lument, led the loan transaction. The sponsor for this loan, The Lynd Company, has worked with Lument multiple times, closing deals on multifamily communities in San Antonio, Virginia Beach and Miami, among others.

“Our proprietary bridge loan met all the client’s objectives, allowing them to bring their traditional value-add model to Austin, a market that continues to show positive trends,” said Suarez.

Lument’s loan features a three-year term with two 12-month extension options and a floating interest rate. The loan also includes $4.5 million to pay for planned capital improvements including interior and common area renovations.

Legends Lakeline has maintained an average of 92 percent occupancy during the past 10 years.