NEW YORK, Sept. 9, 2021 /PRNewswire/ — Lument has announced the closing of two proprietary bridge loans totaling $70.1 million to facilitate acquisitions for The Lynd Company, a multifamily developer and manager and frequent client of Lument. The proprietary bridge loans financed the acquisitions and renovations of two multifamily communities in the Houston area of Texas with a combined 684 units.
In the first transaction, Lument provided a $32.3 million bridge loan for the acquisition of Villas at Valley Ranch, a 312-unit garden-style community in Porter, Texas. The second bridge loan, in the amount of $37.8 million, facilitated the acquisition of Paramount at Kingwood, a 372-unit multifamily community in Kingwood, Texas. Marc Suarez led the transactions for Lument.
“The Lynd Company is an excellent developer and manager, and we were happy to once again utilize our proprietary bridge loan program to help them expand their portfolio so they can continue providing high-quality multifamily housing to renters at all income levels,” said Suarez.
Lynd has extensive multifamily experience in Texas, having managed approximately 15,500 units in the state and having completed several successful renovation projects.
The bridge loans feature low, fixed interest rates and three-year terms. In addition to financing the acquisitions, the bridge loans provide for approximately $3.6 million for renovations at Villas at Valley Ranch and $4.8 million for capital improvements to…