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.
- ◦Financing
