Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Chicago & Midwest  + Midwest  + Finance  | 

Lument Provides Refi on Two Detroit Multifamily Properties 

Lument closed a $13.5-million proprietary bridge loan to facilitate the refinance of two multifamily communities totaling 118 units in Detroit. Atlanta-based James Kelly led the transaction.  

The sponsor is Greatwater Opportunity Capital, a real estate private equity investment manager and development firm focused on Detroit and other emerging urban markets. Greatwater acquired the circa-1924 properties, Selden Hall and Heather Hall, nearly vacant in early 2020, then undertook $7.5 million in extensive renovations. 

“This marks our tenth fruitful collaboration, and we look forward to more success in the future and continuing to help Greatwater accomplish its strategy of acquiring, significantly renovating, and leasing up high-quality multifamily housing across the country,” said Kelly. 

The bridge loan has a two-year term and variable interest rate. It refinances an existing $10.6-million construction loan and provides cash-out proceeds to investors, funds immediate repairs required to complete substantial rehabilitation, and provides $625,000 for future renovations. 


Inside The Story

Lument's Kelly

About Paul Bubny

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 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).

  • ◦Financing
New call-to-action
New call-to-action