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LEWES, DEL. — Lument has arranged a $14 million commercial mortgage-backed security (CMBS) loan for the refinancing of Mi-Place at Vineyards, a 41-unit mixed-use asset situated along the Delaware Bay in Lewes. The developer and borrower is Fernmoor.
The CMBS loan has a fixed interest rate and five-year term. It replaces existing debt from a local bank. Ben Retter of Lument negotiated the financing.
Mi-Place at Vineyards is part of a master-planned community that includes apartments, condominiums, for-sale carriage homes and townhouses. The property also includes 65,000 square feet of retail space. Construction on the development began in 2010 and has been completed in phases. Retter has provided permanent financing for each phase.