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DETROIT — Lument has closed on a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style property located approximately a mile east of downtown Detroit.
The sponsor is Greatwater Opportunity Capital.
James Kelly led the transaction for Lument. The loan features a seven-year term, with 12 months of interest-only payments, a 30-year amortization and a low, fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations. The building was built in 1969.