Lument Named a Top Affordable Housing Lender for 2020, Completes More than $3 Billion in Transactions
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NEW YORK, April 22, 2021 /PRNewswire/ Lument ranked #6 on
Affordable Housing Finance s Top 25 Affordable Housing Lenders of 2020 list with over $3 billion in closed transactions, doubling last year s volume. The financing activity created or preserved affordable housing at over 140 communities containing nearly 20,000 units. We re honored to play a part in addressing our nation s affordable housing crisis, said James Flynn, CEO at Lument. Financing affordable housing is one of the most complicated areas of multifamily. I commend our dedicated team, as well as our clients, agency partners, and the Federal Housing Administration for coming together to provide creative solutions during a difficult year.
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NEW YORK, April 21, 2021 /PRNewswire/ Lument recently arranged three agency transactions totaling $18.5 million for multifamily communities in Brooklyn, New York. Working with an experienced sponsor, Lument closed a $3 million Freddie Mac Small Balance Loan for 900 East 18
th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue, and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. Kristian Molloy, vice president in Lument s New York office, led the transaction. We were able to take advantage of the ample benefits provided by an agency refinance to consolidate the sponsor s existing debt with a permanent debt structure that was substantially more attractive, said Molloy. The new loans feature lower interest rates fixed near historic lows, competitive partial term interest-only periods, and cash-out proceeds for the borrower.
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Lument Named Top FHA Lender in 2020
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NEW YORK, April 15, 2021 /PRNewswire/
Lument, a national leader in multifamily and seniors housing finance, announced today that it was named the top-ranked FHA lender in the United States by both volume and loan count for calendar year 2020. The Commercial/Multifamily Annual Originations Rankings are compiled annually by the Mortgage Bankers Association. The firm originated 388 FHA transactions totaling $5.8 billion, an increase of 74% over its top-ranked 2019 FHA volume of $3.34 billion[1]. The FHA financing program has long been a favorite of our clients, providing ample benefits to borrowers across the entire affordability and acuity spectrum, said James Flynn, CEO of Lument. Given the challenges posed by the pandemic, the substantial increase in volume over the past year is a testament to the strength of our recently combined organization, as well as our partnership with HUD and the effectiveness
Lument Assists Watercrest Senior Living with Bridge Loan
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NEW YORK, March 17, 2021 /PRNewswire/
Lument has announced the closing of a $12.3 million bridge-to-agency loan for Market Street East Lake, a 64-unit memory care community developed by Watercrest Senior Living. The bridge loan refinances construction debt and positions the property for permanent agency financing. Steve McGee, managing director at Lument, led the transaction. Watercrest s memory care services are world class, and we were excited to partner with them and help position their latest Florida community for long-term success, said McGee, an industry veteran who joined Lument in 2020 to head its debt syndication group.