NEW YORK, Jan. 13, 2022 /PRNewswire/ — Lument has provided a $20.9 million proprietary bridge loan used to acquire and renovate Lakeshore at East Mil Apartments, a 151-unit garden-style community in Orlando, Florida. Lument Associate Director Trey Palmedo led the transaction.
The sponsor is Inman Equities, a repeat Lument client. Inman currently maintains a portfolio of 2,701 multifamily units across Tennessee, North Carolina, Georgia, Kentucky, and Florida. This transaction represents the tenth deal that Inman has closed with Lument.
“It’s always a pleasure to work with Inman Equities, and this loan marks $100 million in business that we’ve done with them,” said Palmedo. “At Lakeshore, we were able to provide a loan that met all of Inman’s requirements, including a low interest rate and future funding for renovations to add further value to this property in the growing Orlando market.”
The $20.9 million bridge loan includes $1.7 million for capital improvements and features a three-year term with two 12-month extension options. Planned renovations include exterior upgrades such as gated access and upgraded landscaping, as well as interior upgrades including new appliances, flooring, and the addition of in-unit washer/dryers.
Originally constructed in 1970 and last renovated in 2006, Lakeshore is situated on 13.31 acres and is currently 97% occupied. Its 151 apartments are housed in 11 residential buildings with in-unit amenities that include a full appliance package and a patio/balcony for each residence. Group amenities include a swimming pool, playground, BBQ/picnic area, and frontage along a small lake.
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. Lument has approximately 600 employees in over 25 offices across the United States. Securities, investment banking, and advisory services are 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.
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