Lument Provides $25.5 Million Bridge Loan for Acquisition of Jacksonville Multifamily Community

By AIT News Desk On May 28, 2021

Lument recently provided Inman Equities a $25.5 million proprietary bridge loan to facilitate the acquisition and renovation of Canopy Creek Apartments, a 288-unit multifamily community in Jacksonville, Florida. Trey Palmedo, vice president in Lument’s Nashville office, led the transaction.

“It was a pleasure to once again work with Inman Equities, a top-notch sponsor on the rise, to arrange bridge financing for this strategic acquisition,” said Palmedo. “The $25.5 million bridge loan covered 80% of the purchase price, 100% of capital expenditures, and positions the property for an attractive permanent financing structure.”

Canopy Creek, which consists of 25, two-story apartment buildings, was originally constructed in 1975 and last renovated in 2017. The bridge loan carries a three-year term and a low, fixed interest rate. In addition, it funds a substantial $12,000 per unit in renovations, which will include the installation of stainless steel appliances, backsplashes, resurfaced countertops, and more improvements.

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Inman Equities, a repeat client of Lument, currently owns 3,168 units divided among 24 communities in 11 markets across the Southeast. This is the ninth closing Inman and Lument have completed together, and they have two more transactions in the works.

“Trey and the team at Lument are extremely responsive, always available to answer questions, and they excel at providing accurate preliminary quotes, which is key in this environment where deals need to get done in a timely manner,” said Ben Inman, founder of Inman Equities. “Lument understands our value-add strategy and is adept at helping us achieve our goals, as evident by the successful acquisition of Canopy Creek.”