Lument closed a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style apartment community about a mile east of downtown Detroit.
The sponsor is Greatwater Opportunity Capital, a repeat Lument client, whose principals own nearly 2,000 apartments across 40 properties. James Kelly led the transaction for Lument.
The loan has a seven-year term, with 12 months of interest-only, a 30-year amortization and low, fixed interest rate. In addition to funding the acquisition, the closing provides proceeds for improvements to common areas and amenities, parking repairs and several unit renovations.
Greatwater Opportunity Capital is a repeat client of both Lument and Fannie Mae. Its co-founders have a combined nearly 30 years of experience in commercial and multifamily real estate ownership and management experience in Detroit. Greatwater was a 2022 Freddie Mac Impact Sponsor Award recipient for its commitment to affordability, sustainability and resident services. Greatwater co-principal Justin Golden noted this is the 14th loan his company has closed with Lument.
