Lument recently provided a $6.8 million Freddie Mac small balance loan (SBL) to refinance Casitas Del Este, a 78-unit, garden-style apartment community in El Paso, Texas. Lument Managing Director Steve Beltran led the transaction.
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“This refinance loan fulfilled all of our client’s goals,” Beltran said. “The sponsor was pleased with the low, fixed interest rate and will use the cash-out funding to make some valuable upgrades to the community.”
The Freddie Mac SBL is structured as a seven-year, fixed-rate loan with a 30-year amortization and two-year interest-only period. The loan also includes significant cash-out proceeds, which the borrower intends to use to enhance the property, which was 100% occupied as of last summer.
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Casitas Del Este is managed by InnoStrat, LLC, a local professional property management company that currently oversees 25 properties and 1,095 units in the El Paso area. The property is situated on 7.70 acres and has a total net rentable area of 74,664 square feet, with common amenities that include a pool, business center, billiards room, fitness center, and playground.
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