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Lument Provides Freddie Mac Refi on East Flatbush Apartments
Lument provided a $14.5-million Freddie Mac conventional loan to refinance 800-830 Empire Blvd.., a 35-unit mid-rise multifamily property in Brooklyn’s East Flatbush neighborhood. Kristian Molloy, associate director at Lument, led the transaction.
“Freddie Mac proved to be a timely and effective financial solution for the refinance of this community, as the loan refinances existing debt with a low, fixed interest rate and seven-year term, two years of which are interest-only,” said Molloy. “Not only was the sponsor able to consolidate and pay off short-term debt, it also benefitted from $3.5 million in recouped equity that can be used for capital improvements and new projects.”
After purchasing the land in 2015 for $2.3 million, the borrower invested $15.1 million to build the community, which opened in 2020. It was 100% occupied as of June.
The deal was brokered by Joseph Saul of RidgeRock Asset Management Group, a repeat client of Lument.
- ◦Financing
