Lument Provides Fannie Mae Debt on Columbia Multifamily
Lument recently provided a $15.2-million Fannie Mae conventional multifamily loan for a 176-unit, garden-style multifamily community in Columbia, SC.
The property is owned and managed by an experienced sponsor with a multifamily portfolio of approximately 1,121 units throughout the Southeast. Steven Cox, senior managing director in Lument’s New York office, led the transaction.
“As usual, Fannie Mae proved to be an extremely beneficial financial solution,” said Cox. “Not only does the successful closing refinance existing debt at a low, fixed rate, it does so with a full term interest only period while also providing substantial cash-out proceeds to the sponsor.”
The loan features a 10-year term with full term interest only and a nine-and-a-half-year yield maintenance period. Chuck Cronin from Axiom Capital Corporation worked as the broker on the transaction.
First built in 2000, the community consists of 176 units across 19 two-story buildings.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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