Lument Provides $31.6M Refi Loan For Denver-Area Rental Community
Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Lument has a long history with Keystone Place, that dates back more than 10 years. It includes acquisition bridge financing, construction financing, mezzanine financing and many FHA-insured loans.
Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022.
The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds.
Lument also helped Keystone get a lock on the rate three months before closing, saving 100 basis points and generating debt service savings. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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