Lument has originated a $15.5 million Fannie Mae Multifamily Affordable Housing loan for Redbird Trails, a 252-unit community in Dallas. The refinancing package was brokered by Dixon Link Capital.
According to Yardi Matrix, the new mortgage will retire a $7 million Fannie Mae loan originated by Newmark in 2016 and set to mature in 2026. The new funding cuts off a full-percent interest rate—from 4.4 percent to 3.44 percent—and comes with a 12-year term and a 30-year amortization period.
Located at 3636 W. Red Bird Lane, Redbird Trails offers a mix of one- and two-bedroom units with floorplans ranging between 600 and 932 square feet. The 1985-built community comprises 21 two- and three-story buildings on a 10-acre site. Residents have access to a fitness center, a basketball court, a swimming pool and two laundry facilities.
The property is fully affordable, available to residents earning 60 percent of the area median income or below. Redbird Trails places residents near the Dallas Executive Airport, which is easily accessible via Highway 67.
Lument Associate Director Chad Musgrove, from the company’s Miami office, worked on behalf of the borrower. Recently, another Lument team provided a $17 million Fannie Mae mortgage for a 164-unit community in Cincinnati.