CHICAGO — Lument has provided $90.6 million in Fannie Mae loans to refinance four Chicago properties with a total of 654 units. All the communities are located in the Lakeview neighborhood on the city’s North Side and were constructed in the 1920s.
Lument, a Fannie Mae lender approved to originate and service loans under the agency’s Delegated Underwriting and Servicing (DUS) program, secured the debt on behalf of BJB Properties.
The loans replace existing life company debt for BJB, a Chicago-based operator focused on long-term holds. Evan Hom, a senior managing director for Lument based in New York, led the transaction. According to Hom, 96 percent of the portfolio is affordable housing. Lument also completed a Fannie Mae refinancing of a six-property portfolio for BJB that totaled $110.8 million.