NEW YORK, August 3, 2021 / PRNewswire / – Lument closed a $ 13.9 million exclusive bridge loan for the acquisition and renovation of Saddlehorn Vista, a 192-unit multi-family community in Fort Worth, Texas. Jean Sloot, associate director and Colin Croix, Managing Director, led the transaction for Lument. The transaction was brought to Lument by John Brickson, director at Old Capital.
Originally built in 1985, Saddlehorn Vista is a garden-style community that was purchased in 2016 by a Texasmulti-family based investor. An experienced sponsorship team sought to buy and renovate the community while keeping current property management in place to better position Saddlehorn for future success.
“By funding the $ 13.9 million bridge loan, we were able to help the sponsor acquire Saddlehorn Vista on a short-term, interest-only basis at a competitive interest rate, ”Sloot said. “The successful transaction will give them the time and financing to complete the renovations, which in turn will allow them to meet market rents and thus fully stabilize the property at market potential.”
Bridge funding provides more than $ 900,000 for immediate improvements to community assets, including exterior renovations such as new paint and signage, playground improvements and the installation of 36 carports. Interior updates include new washers and dryers in 60 units, resurfaced countertops, upgraded bathrooms, smart door locks, and vinyl plank flooring.
Saddlehorn Vista consists of 96 one-bedroom units, 80 two-bedroom units, and 16 three-bedroom units. The community, which currently enjoys an occupancy rate of over 98%, is located approximately 10 miles west of downtown Fort worth.
ORIX Real Estate Capital Holdings, LLC, d / b / a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As a combined organization of traditional industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of tailor-made capital solutions for investors in multi-family, affordable, senior housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA lender. In addition, Lument offers a range of proprietary business lending, investment sales, investment banking and investment management solutions. Securities, investment banking and advisory services are provided by OREC Securities, LLC, d / b / a Lument Securities, member of FINRA / SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d / b / a Lument Investment Management. OREC Investment Management is registered as an investment advisor with the United States Securities and Exchange Commission. For more information visit www.lument.com.
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