NEW YORK, Sept. 9, 2021 /PRNewswire/ --Lument has announced the closing of two proprietary bridge loans totaling $70.1 million to facilitate acquisitions for The Lynd Company, a multifamily developer and manager and frequent client of Lument. The proprietary bridge loans financed the acquisitions and renovations of two multifamily communities in the Houston area of Texas with a combined 684 units.
In the first transaction, Lument provided a $32.3 million bridge loan for the acquisition of Villas at Valley Ranch, a 312-unit garden-style community in Porter, Texas. The second bridge loan, in the amount of $37.8 million, facilitated the acquisition of Paramount at Kingwood, a 372-unit multifamily community in Kingwood, Texas. Marc Suarez led the transactions for Lument.
"The Lynd Company is an excellent developer and manager, and we were happy to once again utilize our proprietary bridge loan program to help them expand their portfolio so they can continue providing high-quality multifamily housing to renters at all income levels," said Suarez.
Lynd has extensive multifamily experience in Texas, having managed approximately 15,500 units in the state and having completed several successful renovation projects.
The bridge loans feature low, fixed interest rates and three-year terms. In addition to financing the acquisitions, the bridge loans provide for approximately $3.6 million for renovations at Villas at Valley Ranch and $4.8 million for capital improvements to Paramount at Kingwood.
About Lument ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. Securities, Investment Banking and Advisory Services provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.