Lument has provided a $17.4 million Fannie Mae DUS loan to refinance Ivy Hills, a 164-unit multifamily property in Cincinnati.
The Fannie Mae financing has a fixed interest rate across a 12-year term with five years interest-only payments and a 30-year amortization period. The mortgage follows a $37.4 million portfolio acquisition loan originated by Union Savings Bank encumbering six properties, including Ivy Hills, taken out last January, Yardi Matrix data shows.
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To continue rehabilitating the property, the borrower plans to invest nearly $1.8 million to renovate 50 units this year in addition to $1.8 million in already finished upgrades across 60 units.
Located at 7401 Pondview Place, the community has two- and three-bedroom apartments with floorplans ranging between 1,004 and 1,380 square feet distributed across 31 buildings. The 1996-built property is pet friendly and offers amenities such as a pool, sundeck, fitness center and clubhouse.
The 25-acre property is neighboring the Ivy Hills Country Club, roughly 13 miles northeast of downtown Cincinnati. Interstate 275 is approximately 4 miles southeast.
Lument Senior Managing Director Steven Cox, from the company’s New York office, worked on behalf of the borrower. In February, Lument provided a $28 million Fannie Mae loan refinancing a 105-unit assisted living community in Solana Beach, Calif.