After opening in early 2020, an active adult community recently refinanced through Fannie Mae with the help of Lument. For other seniors housing sectors, trying to lease-up during the pandemic has presented more problems, but active adult, in general, has seen strong occupancy and lease-up rates. So, active adult communities have run into fewer issues when the time comes for an agency refinance.
Lument closed a $13.4 million Fannie Mae loan with a 10-year term and four years of interest only. There was also a 30-year amortization period and a fixed interest rate. Tom Dixon of Lument handled this transaction, marking the tenth closing between Lument and the borrower, which has 40 years of experience in multifamily ownership and development in the Houston area.
The refinanced property was The Fordham at Eagle Springs in Humble, Texas. It has 137 units across six buildings, plus an array of amenities. Some of those include a resort-style pool, salon and coffee bar. It is located within Eagle Springs, a Newland master planned community that offers dining, nightlife, shopping, outdoor activities and additional amenities.
