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Lument Provides $22M Bridge Loan for Multifamily Community in Jacksonville
Lument has closed on a $21.9 million proprietary bridge loan to acquire and renovate Pinebrook Apartments, a 208-unit garden-style apartment community. The loan features a three-year term and includes $1.7 million to pay for planned capital improvements at the property.
The deal was led by Owen Breheny, managing director at Lument. “We were able to satisfy our client’s 1031 exchange with this acquisition and include 100 percent of the CapEx costs to fund improvements, adding to the quality of the property which already holds a 98 percent occupancy rate,” said Breheny.
The deal was brokered by Tim Stevens, principal at CREFCO.
Pinebrook Apartments will be fully managed by sponsor Bella Property, LLC. Improvements coming to the community include a premium update for 19 units, which will offer new kitchen cabinets, appliances, flooring and lighting fixtures. Further upgrades include a remodeled clubhouse, renovated fitness center, new lighting packages, HVAC replacements and security enhancements.
- ◦Financing
