JACKSONVILLE, FLA. — Lument has provided a $22.6 million Fannie Mae loan to refinance Pinebrook Apartments, a 208-unit property in Jacksonville. Tim Stevens of CREFCO brokered the transaction. The loan features a 10-year year term with seven years of interest only payments and a 30-year amortization schedule. The financing originated in June 2021 as a Lument proprietary bridge loan through Lument’s Real Estate Investment Strategy group.
Originally built in 1974, Pinebrook Apartments consists of 16 buildings on an 11.1-acre site. The garden-style community offers amenities such as a pool, fitness center, clubhouse, pet park, business center and playground. Many of the amenities have been recently upgraded. The borrower, Bella Property, has invested approximately $2 million to renovate the interior and exterior of the property. Renovations included updates to the clubhouse and the fitness center, improved security features and HVAC replacements.