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Boston & New England  + New England  + Apartments  | 

Lument Arranges $26M Refinancing for Connecticut MF Portfolio

Lument has secured a $26 million Fannie Mae DUS conventional multifamily loan to refinance Garden Hill Apartments, a 591-unit mid-rise portfolio in Hartford, CONN.

Originally constructed in 1963, Garden Hill Apartments is a 20-property portfolio with 20 separate buildings across a combined eight acres. The portfolio was purchased by the current sponsor in 2012 during a time of distress, as occupancy averaged 65%. The sponsor steadily improved the community over the years, resulting in a current occupancy rate of approximately 98%.

The Fannie Mae loan features a 10-year term, five years of which are interest only, and 30-year amortization schedule. Josh Messier of Lument’s New York office, led the transaction on behalf of the undisclosed borrower.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Financing
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