Bridge Loan Provides Funds for Limestone Oaks Renovations

Lument recently closed a $29.4 million proprietary bridge loan to fund the acquisition and renovation of Limestone Oaks Apartments and Townhomes, a 401-unit multifamily community in San Antonio. Limestone Oaks was originally constructed in 1981, last renovated in 2007 and acquired by the seller in 2013. The community has posted strong occupancy, averaging approximately 92 percent in the past decade.

Colin Cross and John Sloot led the transaction for Lument. The transaction was brought to Lument by John Brickson, director at Old Capital.

“The bridge loan placement provides the time and funds needed to complete renovations, which will result in market rents and a fully stabilized property that reaches its full market potential,” Cross and Sloot point out.

The sponsor completing the acquisition is DJE Texas Management Group, a San Antonio-based multifamily owner and operator that has successfully completed more than 200 renovation projects and has a portfolio of more than 2,000 units.

“Lument’s bridge loan was an excellent solution for this value-add acquisition, as it carries a short-term interest-only execution at a competitive interest rate,” said Brickson.