NEW YORK, June 23, 2021 /PRNewswire/ — Lument has provided a $15.5 million Fannie Mae DUS® Multifamily Affordable Housing (MAH) loan to refinance Redbird Trails Apartments, a 252-unit affordable multifamily community in Dallas, Texas. Chad Musgrove, vice president, led the transaction for Lument.
Originally built in 1985, Redbird Trails Apartments consists of 21 two- and three-story apartment buildings containing one- and two-bedroom units. The community has been owned and operated by the current sponsor since 1992. Substantial capital improvements totaling $463,000 have been made in recent years. Approximately 20% of units are reserved for renters at or below 50% of area median income (AMI), and 80% of units are reserved for renters at or below 60% of AMI.
To further improve the community and position it for long-term success, the sponsor sought a Fannie Mae refinance that would allow for cash-out proceeds to be used both for renovations and to invest in acquiring additional multifamily real estate.
“The Fannie Mae affordable multifamily loan proved to be an optimal solution,” said Musgrove. “Not only did it we put in place a lower interest rate, we were able to obtain significant cash-out proceeds that the sponsor can use to further improve the property and its business.”
During the loan process, the Dallas area was impacted by a severe winter storm that caused substantial damage to the community, including flooding and fire damage. Musgrove, working with Lument’s…
