Lument has announced the closing of a $21.9 million proprietary bridge loan to acquire and renovate Pinebrook Apartments, a 208-unit garden-style apartment community in Jacksonville, Florida. The deal was led by Owen Breheny, managing director at Lument.
The sponsor, Bella Property, LLC, is a repeat client of Lument. Bella Property will fully manage the community, adding the Jacksonville site to its portfolio of over 1,450 multifamily projects across California, New Mexico, Texas, North Carolina, and South Carolina.
“Jacksonville is a fast-growing and competitive market, and it was our pleasure to help our client purchase its first multifamily community there,” said Lument’s Breheny. “We were able to satisfy our client’s 1031 exchange with this acquisition and include 100% of the CapEx costs to fund improvements, adding to the quality of the property which already holds a 98% occupancy rate.”
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The deal was brokered by Tim Stevens, principal at CREFCO, a repeat client of Lument.
“For the past several years it has been a privilege of CREFCO to work with the great people of Lument to close many transactions in the multifamily sector,” said Stevens. “This transaction in Jacksonville closed in less time than we needed and was one of the smoothest processes for any deal CREFCO has originated this year. We look forward to continuing our prosperous relationship with Lument.”
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The loan features a three-year term and includes $1.7 million to pay for planned capital improvements at the property. Improvements include a premium update for 19 units, which will offer new kitchen cabinets, appliances, flooring, and lighting fixtures. Further upgrades include a remodeled clubhouse, renovated fitness center, new lighting packages, HVAC replacements, and security upgrades.
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