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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.
- ◦Financing
