Lument Closes $198 Million in Multifamily Bridge Loans in December 2024

Lument, a national leader in commercial real estate finance, announced today that it closed over $198 million in balance sheet bridge financing in December 2024. The loans facilitated the lease-up, acquisition, and construction of seven multifamily properties across the country, supporting more than 1,500 units across six states. The loans ranged from $6 million to $60 million, with individual loans summarized below:

* $60 million lease-up refinance for a multifamily property in Olympia, WA
* $37 million lease-up refinance for a multifamily property in Macon, GA
* $31 million phased lease-up refinance for a build-to-rent (BTR) property in Dayton, OH
* $25 million phased lease-up refinance for a BTR property in Groveport, OH
* $22 million timing refinance for an affordable housing property in Miami, FL
* $17 million lease-up acquisition financing for a multifamily property in Lafayette, IN
* $6 million timing refinance for an age-restricted multifamily property in Bellflower, CA

In addition to these closings, Lument has an additional $170 million in bridge loans under application, expected to close in the first two months of 2025. The company's bridge program targets loans $10 million and up that are secured by multifamily, affordable housing, or seniors housing properties. These interest-only, floating-rate loans range from six to 36 months with extension options and customized yield maintenance periods.

James Flynn, chief executive officer of Lument, commented on the closings, "Lument's bridge program has proven once again to be a highly effective and efficient way to support our clients' strategic objectives during an evolving market. We expect increased demand as the current wave of new construction transitions towards stabilization, as we're able to support those assets with a seamless transition into permanent financing."



The significant volume of multifamily bridge loans closed by Lument in December 2024, along with the additional $170 million pipeline, indicates robust demand in the multifamily sector despite higher interest rates. The geographic diversification across six states and varied property types, including traditional multifamily, BTR, affordable, and age-restricted properties, demonstrates strong risk management. The floating-rate nature of these loans provides natural interest rate protection, while the interest-only structure maximizes cash flow for borrowers during the critical lease-up period. As new supply comes online, it may initially put downward pressure on rent growth, but as these new units are leased up and stabilized, they should contribute to overall rent growth in the market.