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Lument Provides $18M Bridge Loan to Refinance Atlanta Multifam
Lument has closed a $17.5-million proprietary bridge loan to refinance The Peach, a recently renovated 68-unit high-rise apartment community in Atlanta. Lument’s bridge loan features a 2-year term with two 6-month extension options, along with a floating interest rate.
R.J. Guttroff, managing director at Lument, led the transaction.
“The sponsor, a first-time Lument client, had several goals: pay off the existing debt, stabilize occupancy of the property, and complete renovations,” said Guttroff. “Lument’s loan secured essential funding and allowed the sponsor to complete all the necessary steps, as well as stabilize a commercial component in the building.”
The unidentified sponsor has completed more than 3,500 apartment unit redevelopments in private and public partnerships.
The Peach was originally constructed in 1964 as an office building and underwent a gut renovation in 2021 to reposition it as a multifamily apartment. Residences include views of Atlanta’s Midtown and Buckhead neighborhoods.
- ◦Financing
