NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Lument has closed a $13.9 million proprietary bridge loan for the acquisition and renovation of Saddlehorn Vista, a 192-unit multifamily community in Fort Worth, Texas. John Sloot, associate director, and Colin Cross, 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 Texas-based multifamily investor. An experienced sponsorship team sought to purchase and renovate the community while keeping current property management in place to further position Saddlehorn for future success.
"By financing the $13.9 million bridge loan, we were able to help the sponsor acquire Saddlehorn Vista with a short-term, interest-only execution at a competitive interest rate," said Sloot. "The successful transaction will afford them the time and funding to complete renovations, which in turn will allow them to achieve market rents and thus fully stabilize the property to market potential."
The bridge financing provides over $900,000 for immediate capital improvements to the community, including exterior renovations such as new paint and signage, playground upgrades, and the installation of 36 carports. Interior updates include new washers and dryers in 60 units, resurfaced counters, 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 above 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 USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member 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 adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.
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