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.
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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.”
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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.
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