NEW YORK, December 6, 2021 / PRNewswire / – Lument recently provided a $ 6.8 million Freddie Mac Small Balance Loan (SBL) to refinance Casitas del Este, a community of apartments of 78 garden-style units in El Paso, Texas. Managing Director of Lument Steve beltran conducted the transaction.
âThis refinance loan fulfilled all of our client’s goals,â Beltran said. “The sponsor was happy with the low fixed interest rate and will use the cash funding to make valuable improvements to the community.”
The Freddie Mac SBL is structured as a seven-year fixed rate loan with 30-year amortization and a two-year interest period. The loan also includes a large disbursement proceeds, which the borrower intends to use to develop the building, which had been 100% occupied since last summer.
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 Region. The property is set on 7.70 acres and has a total net leasable area of ââ74,664 square feet, with communal amenities that include a swimming pool, business center, billiards room, fitness center, and children’s play area. games.
ORIX Real Estate Capital Holdings, LLC, d / b / a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As a combined organization of traditional industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of tailor-made capital solutions for investors in multi-family, affordable, senior housing and healthcare real estate. Lument is a Fannie Mae DUSÂ®, Freddie Mac OptigoÂ®, FHA and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment banking and investment management solutions. Lument has around 600 employees in more than 25 offices across United States. Securities, investment banking and advisory services are provided by OREC Securities, LLC, d / b / a Lument Securities. For more information visit www.lument.com.
Michael ratliff | Marketing director
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