Lument has provided a $41.2 million proprietary bridge loan to fund the acquisition and renovation of Legends Lakeline, a 222-unit low-rise multifamily community in Austin, Texas. Marc Suarez, managing director at Lument, led the transaction.
The property was constructed in 2008 and consists of five four-story garden/low-rise apartment buildings. It is situated on a single parcel of land covering 8.32 acres and holds 215,531 net rentable square feet.
The sponsor for this loan, The Lynd Company, has a portfolio of 42,000 units in 187 properties across 26 states. Lynd has worked with Lument multiple times over the years, closing deals on multifamily communities in San Antonio, Virginia Beach, Va., and Miami, among others.
“We were very pleased to work with The Lynd Company, adding another closing to our track record of successfully executed business plans,” said Suarez. “Our proprietary bridge loan met all the client’s objectives, allowing them to bring their traditional value-add model to Austin, a market that continues to show positive trends.”
Lument’s loan features a three-year term with two 12-month extension options and a floating interest rate. The loan also includes $4.5 million to pay for planned capital improvements, including interior and common area renovations.
Legends Lakeline has maintained an average of 92% occupancy over the past 10 years. Common area amenities include a business center, clubhouse, dog park, fitness center, and swimming pool. In-unit amenities include premium flooring, granite countertops, carport and garage parking, and washers/dryers.
