Lument was recently named a 2021 Top Optigo lender by Freddie Mac for its Small Balance Loan (SBL) program. Lument’s SBL team placed third on Freddie Mac’s rankings for the year with 225 closed transactions totaling $605.3 million, covering 8,000 units in 34 different states. This is the first appearance for Lument’s SBL team on the Top Optigo list.
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“Freddie Mac had a tremendous year, reaching its target volume cap and thus preserving and creating much-needed quality rental housing,” said Lument’s Rick Warren, senior managing director and head of small balance production. “We thank Freddie for their collaboration and look forward to continuing to use our expertise to deliver quality mission-driven business while meeting the distinctive needs of small balance investors in lower-cost properties.”
In total, Freddie Mac closed $70 billion in multifamily loan volume including conventional, targeted affordable, manufactured housing communities, seniors housing and SBLs. In regard to the SBL program specifically, Freddie exceeded 2020’s productions levels by 15%, funding nearly $5.5 billion.
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Among the SBL transactions Lument closed in 2021 were:
- Casitas Del Este. Lument provided $6.8 million to refinance a 78-unit, garden-style apartment community in El Paso, Texas. The SBL was structured as a seven-year, fixed-rate loan with a 30-year amortization and two-year interest-only period. It included significant cash-out proceeds, which the borrower intends to use to enhance the property.
- Tobias Avenue Apartments. Lument provided a $7.3 million Freddie Mac SBL to acquire Tobias Avenue Apartments, a 57-unit multifamily community in Panorama City, California. The SBL was structured as a five-year, fixed-rate loan with a 30-year amortization and one-year interest-only period. This loan was originated for a repeat Lument sponsor with a 2.96% coupon.
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.
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