Lument has announced the closing of an $18.6 million Fannie Mae loan to refinance bridge debt on Meadows Apartments, a 216-unit multifamily community in Universal City, Texas. Lument’s Marc Suarez spearheaded the transaction.
The sponsor is Lynd Company, a multifamily developer and manager with a portfolio of 42,000 units in 187 properties across 26 states. In 2019, Lument provided $41.6 in bridge financing to Lynd for a three-property portfolio which included Meadows Apartments. The $18.6 million Fannie Mae multifamily loan replaces the bridge financing on Meadows and puts in place an attractive long-term debt solution with a low, fixed interest rate.
Meadows Apartments was constructed in 1972 and has been owned by Lynd for over 30 years. The community is 100% mission-driven, with all of the 216 units affordable to renters at 80% area median income (AMI).
“Lynd excels at enriching communities across the country with high-quality affordable housing,” stated Suarez. “Any time we can collaborate with them to advance that mission — we’re all in.”
In addition to the low-interest rate, the transaction qualified for Fannie Mae’s Green Rewards program, resulting in over $100,000 for green repairs, including measures that are anticipated to save over 30% on water and energy usage at the property.