New York & Tri-State + Outer + Apartments | April 23, 2021

Lument Arranges Agency Financing on Brooklyn Portfolio

Lument recently arranged three agency transactions totaling $18.5 million for multifamily communities in Brooklyn. Working with an experienced sponsor, Lument closed a $3-million Freddie Mac Small Balance Loan for 900 E. 18th St., a $6-million Fannie Mae conventional loan for 1436-1438 Ocean Ave. and a $9.5-million Fannie Mae conventional loan for 991-993 President St.

Kristian Molloy, VP in Lument’s New York office, led the transaction.

“We were able to take advantage of the ample benefits provided by an agency refinance to consolidate the sponsor’s existing debt with a permanent debt structure that was substantially more attractive,” said Molloy. “The new loans feature lower interest rates fixed near historic lows, competitive partial term interest-only periods, and cash-out proceeds for the borrower.”

All three loans feature 10-year terms and 30-year amortizations. Two of the loans feature interest-only periods.

Ephraim Chambre of Chambre & Company worked as the broker on the transactions.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).