Lument has closed a $50.4 million Freddie Mac loan to facilitate the acquisition of Gramercy Apartments, a 436-unit multifamily community in Carmel, Indiana, near Indianapolis.
The transaction was led by Xavier Salinas, an associate director in Lument’s New York office.
The seller purchased Gramercy in 2004 and the community was last renovated in 2016, with about $19.7 million invested in significant interior and exterior improvements, including a new clubhouse and leasing office. The sponsor acquiring Gramercy plans to complete additional renovations post-acquisition of approximately $12,000 per unit, for a total over $5.2 million.
The Freddie Mac loan features a 10-year term, with three years of interest only, an adjustable interest rate, and 30-year amortization schedule.
Originally constructed in 1967, Gramercy Apartments is a garden-style community consisting of 34, two-story buildings and seven detached garage structures. Amenities include a fitness center, swimming pool, sports court, dog parks, and playgrounds. Occupancy at the community has remained strong throughout the COVID-19 pandemic, averaging above 94% since March 2020.
