Lument Closes $198 Million in Multifamily Bridge Loans in December 2024

PR Newswire

NEW YORK, Jan. 16, 2025

These latest closings support a wide range of business plans. An additional $170 million of bridge loans are currently under application and set to close in early 2025.

NEW YORK, Jan. 16, 2025 /PRNewswire/ -- Lument announced today that it closed more than $198 million in balance sheet bridge financing in December 2024. The loans facilitate the lease-up, acquisition, and construction of seven multifamily properties across the country. Together, the loans support more than 1,500 units across six states, as summarized below:

   -- $60 million lease-up refinance for a multifamily property in Olympia, WA 
 
   -- $37 million lease-up refinance for a multifamily property in Macon, GA 
 
   -- $31 million phased lease-up refinance for a build-to-rent $(BTR.AU)$ property 
      in Dayton, OH 
 
   -- $25 million phased lease-up refinance for a build-to-rent $(BTR)$ property 
      in Groveport, OH 
 
   -- $22 million timing refinance for an affordable housing property in Miami, 
      FL 
 
   -- $17 million lease-up acquisition financing for a multifamily property in 
      Lafayette, IN 
 
   -- $6 million timing refinance for an age-restricted multifamily property in 
      Bellflower, CA 

In addition to a strong set of closings at year-end, Lument saw borrower interest ramp up significantly during the fourth quarter. An additional $170 million in bridge loans are under application and expected to close in the first two months of 2025.

"Lument's bridge program has proven once again to be a highly effective and efficient way to support our clients' strategic objectives during an evolving market," said James Flynn, chief executive officer of Lument. "We expect increased demand as the current wave of new construction transitions towards stabilization, as we're able to support those assets with a seamless transition into permanent financing."

Lument's bridge program targets loans $10 million and up that are secured by multifamily, affordable housing, or seniors housing properties. These interest-only, floating-rate loans range from six to 36 months with extension options and customized yield maintenance periods.

Lument Investment Management, LLC serves as external manager and advisor to Lument Finance Trust, Inc. (NYSE: LFT), a publicly traded REIT focused on investing in, financing, and managing a portfolio of commercial real estate debt investments. As of September 30, 2024, Lument Investment Management manages a nearly $1.2 billion loan portfolio consisting of floating-rate debt, of which approximately 93.2% was collateralized by multifamily assets, on behalf of Lument Finance Trust.

About Lument

Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, seniors housing, and healthcare real estate. Lument offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet bridge financing, as well as a full range of capital markets lending products. In addition, Lument provides a suite of real estate advisory solutions including investment sales, investment banking, and investment management. The company has over 600 employees in over 30 offices across the United States.

Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.

Media Contact:

Tyler Howard

tyler.howard@lument.com

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SOURCE Lument

(END) Dow Jones Newswires

January 16, 2025 13:33 ET (18:33 GMT)