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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.
