Lument has announced the closing of five Fannie Mae conventional multifamily housing loans totaling $25.1 million to refinance five affordable housing communities within the Denver and Colorado Springs metropolitan areas. Lument Managing Director Andrew Ellis led the transactions.
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The properties—known collectively as the Archway Portfolio—are managed by Archway Communities, a leader in providing affordable housing and services for low- to moderate-income individuals and families throughout Colorado. Archway Communities manages 10 properties housing over 1,500 residents with a mission to elevate lives by providing access to affordable housing, food security, and the supportive services people need to thrive. The five refinanced communities include a total of 368 units.
“We are excited to welcome Archway to Lument, working with them for the first time to secure Fannie Mae financing to recapitalize their five-asset portfolio,” said Ellis. “This multi-property refinancing will provide Archway with lower interest rates, longer terms, and cash-out proceeds to fund renovations.”
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Fountain Ridge, the largest of the five properties, was issued a 10-year loan with a low, fixed interest rate and a 30-year amortization schedule. The other four loans also feature low, fixed interest rates and have 12-year terms, two years of interest-only payments, and 30-year amortization schedules.
“Each of these transactions had its own unique set of challenges and Lument did a great job helping Archway navigate to workable solutions in partnership with Fannie Mae and our other funders,” said Sebastian Corradino, president and CEO of Archway Communities.
The communities in the portfolio all feature garden-style layouts and include Foothills Green, a 72-unit property in Lakewood; Willow Green, a 60-unit property in Arvada; Sheridan Ridge, a 65-unit property in Arvada; Arapahoe Green, a 60-unit property in Denver; and Fountain Ridge, 111 units in Fountain, Colorado.
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