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Lument Closes $32M in Fannie Mae Loans, Refi Two Multifamily Communities in San Antonio
Lument, a subsidiary of ORIX Corporation USA, announced that it closed two Fannie Mae loans totaling $32 million to refinance two multifamily communities in San Antonio, Texas: Auburn Creek, a 224-unit garden-style community for $17.5 million; and Fairways 5, a 205-unit garden-style community for $14.5 million. Lument Managing Director Marc Suarez led the transactions.
The loan’s sponsor is the Lynd Company, a repeat Lument customer with an extensive real estate portfolio that includes 15,000 units across 75 properties in Texas, with a total capitalization of $3.42 billion.
Auburn Creek, which is currently 91.07% occupied, is situated on an 11.5-acre parcel of land and contains 224 units across 14 two-story apartment buildings. It was originally constructed in 1976 and is currently under renovation, with six apartments remaining to renovate.
Fairways 5 sits on a 7.64-acre site and is comprised of 205 units in 32 residential buildings that were originally constructed in 1973. It is also under renovation, with eight units left to renovate, and is 95.1% occupied.
- ◦Financing
