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Florida & Gulf Coast  + North Florida  + Finance  | 
Pinebrook Apartments in Jacksonville, FL

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.

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Lument’sBreheny

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing
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