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Lument Closes Fannie Loan on Denver Affordable
Lument recently closed a $16.8-million Fannie Mae DUS loan to acquire Residences at Franklin Park, a 92-unit affordable multifamily community in Denver. Timothy Hoppin, director at Lument, led the transaction.
“Closing this deal was particularly satisfying, as the loan will allow the sponsor to acquire this 92-unit property and preserve much-needed affordable housing in the Denver area,” said Hoppin. “The sponsor was able to secure a new 20-year Housing Assistance Payment (HAP) contract that will help the community maintain safe, comfortable, and affordable housing.”
The sponsor of the loan is Edgemark, a repeat Lument client. The property will be managed by Selden Property Management.
The Residences at Franklin Park was originally built in 1972 and renovated in 2011. The property consists of one 10-story building situated on 0.56 acres, and its 92 units include studios, one-bedrooms, and larger one-bedroom units with dens.
- ◦Financing
