Lument Provides $22.6 Million Bridge Loan for Arlington Multifamily Property
The proprietary bridge loan is for the acquisition and renovation of The Junction, a 205-unit apartment community. The loan is structured with initial funding of $20.7 and a future funding facility of $1.9 million for interior upgrades, such as flooring, appliances and. countertops. The loan features a variable interest rate, three year term and two twelve-month extensions.
The Junction was constructed in 1970 and consists of 28 two-story, garden style residential buildings on nine acres.
The buyer/borrower was American Ventures, a firm which has sold 13 assets and 2,985 units over the past ten years in Texas.