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Lument Arranges $50M Acquisition Loan on Indy Apartments
Lument recently closed a $50.4-million Freddie Mac loan to facilitate the acquisition of Gramercy Apartments, a 436-unit multifamily community in Carmel, IN, near Indianapolis.
The transaction was led by Xavier Salinas, an associate director in Lument’s New York office who recently was recognized as a Next Generation Award winner.
The seller purchased Gramercy in 2004, and the community, originally constructed in 1967, was last renovated in 2016. The buyer plans to complete additional renovations of approximately $12,000 per unit.
“There were several layers of complexity to this transaction, including the bifurcation of two existing phases and a swap of transfer of interest, but the Freddie Mac loan program proved to be an ideal solution that allowed the sponsor to achieve all its objectives,” said Salinas.
The Freddie Mac loan features a 10-year term, with three years of interest only, an adjustable interest rate and 30-year amortization schedule.
- ◦Financing
