These latest closings support a wide range of
business plans. An additional $170
million of bridge loans are currently under application and
set to close in early 2025.
NEW
YORK, Jan. 16, 2025 /PRNewswire/ -- Lument
announced today that it closed more than $198 million in balance sheet bridge financing in
December 2024. The loans facilitate
the lease-up, acquisition, and construction of seven multifamily
properties across the country. Together, the loans support more
than 1,500 units across six states, as summarized below:
- $60 million lease-up
refinance for a multifamily property in Olympia, WA
- $37 million lease-up
refinance for a multifamily property in Macon, GA
- $31 million phased lease-up
refinance for a build-to-rent (BTR) property in Dayton, OH
- $25 million phased lease-up
refinance for a build-to-rent (BTR) property in Groveport, OH
- $22 million timing
refinance for an affordable housing property in Miami, FL
- $17 million lease-up
acquisition financing for a multifamily property in
Lafayette, IN
- $6 million timing
refinance for an age-restricted multifamily property in
Bellflower, CA
In addition to a strong set of closings at year-end, Lument
saw borrower interest ramp up significantly during the fourth
quarter. An additional $170 million
in bridge loans are under application and expected to close in the
first two months of 2025.
"Lument's bridge program has proven once again to be a highly
effective and efficient way to support our clients' strategic
objectives during an evolving market," said James Flynn, chief executive officer of Lument.
"We expect increased demand as the current wave of new construction
transitions towards stabilization, as we're able to support those
assets with a seamless transition into permanent financing."
Lument's bridge program targets loans $10
million and up that are secured by multifamily, affordable
housing, or seniors housing properties. These interest-only,
floating-rate loans range from six to 36 months with extension
options and customized yield maintenance periods.
Lument Investment Management, LLC serves as external manager and
advisor to Lument Finance Trust, Inc. (NYSE: LFT), a publicly
traded REIT focused on investing in, financing, and managing a
portfolio of commercial real estate debt investments. As of
September 30, 2024, Lument Investment
Management manages a nearly $1.2
billion loan portfolio consisting of floating-rate debt, of
which approximately 93.2% was collateralized by multifamily assets,
on behalf of Lument Finance Trust.
About Lument
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real
estate finance and delivers a comprehensive set of capital
solutions customized for investors in multifamily, affordable
housing, seniors housing, and healthcare real estate. Lument offers
Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet bridge
financing, as well as a full range of capital markets lending
products. In addition, Lument provides a suite of real estate
advisory solutions including investment sales, investment banking,
and investment management. The company has over 600 employees in
over 30 offices across the United
States.
Securities, investment banking, and advisory services are
provided through Lument Securities, LLC, member FINRA/SIPC. Lument
Investment Management, LLC, is registered as an investment adviser
with the U.S. Securities and Exchange Commission. For more
information, visit www.lument.com.
Media Contact:
Tyler Howard
tyler.howard@lument.com
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SOURCE Lument
