Lument provided a $21.5-million Freddie Mac unfunded forward commitment loan for the substantial renovation of Jackie Robinson Memorial Apartments, an affordable multifamily property in El Paso. Lument is the combined organization of Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group.
“By combining the Freddie Mac unfunded forward loan with tax credit equity and other soft funding sources, we were able to put in place an attractive debt structure to help improve these much-needed affordable apartments,” said Josh Reiss, director at Lument.
Originally built in 1975, Jackie Robinson is a 186-unit, 4% low-income housing tax credit community. As part of the transaction, the property will receive Section 8 assistance.
The Freddie Mac loan features a low, fixed interest rate, 18-year term with three years of interest only, and a 35-year amortization schedule. The forward commitment term will be 30 months with one six-month extension.
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.
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