GREENVILLE, S.C.--(BUSINESS WIRE)--Lima One Capital recently closed three multifamily complexes that provide more than 350 units of affordable workforce housing.
All three projects were completed in less than 30 days and closed in the same week in mid-July, with a total loan amount of more than $10 million. In addition, these interest-only bridge loans required a quick underwriting and financing process, which is consistent with Lima One’s efficient lending approach.
“Lima One Capital has a very experienced multifamily team and is committed to assisting multifamily real estate investors nationally with their bridge financing needs,” said Jeff Tennyson, Lima One Capital’s Chief Executive Officer. “Our commitment to customer experience and our advanced process consistently help real estate Investors close their loans quickly and confidently.”
The properties were a 224-unit complex in Houston, TX consisting of one, two and three bedroom apartments with a 98 percent occupancy rate; a two property portfolio in Cuyahoga Falls, OH (Akron MSA) that includes one building with 46 units and one with 30 units that are a mix of one and two bedrooms; and a 61-unit complex in Texarkana, TX that consists of one and two bedroom units.
Each of the loans provides affordable workforce housing, which the underwriting process identified as a key investment opportunity for these regions. Each deal was completed with local, experienced and strong sponsors, which allowed Lima One Capital to underwrite quickly.
Lima One Capital finances investments for customers for larger transactions, similar to the Houston transaction, as well as properties in smaller MSAs like Texarkana or Cuyahoga Falls, said Shook. Most larger multifamily lenders only operate in the top 50 MSAs.
About Lima One Capital:
Headquartered in Greenville, S.C., Lima One Capital is a specialty mortgage finance company, founded by Marines, that specializes in providing customized real estate loans to real estate investors across the nation. Lima One's core loan products are Rental30, a 30-year, fixed-rate, fully-amortizing loan for landlords purchasing or refinancing residential rental properties; the FixNFlip, a 13-month bridge loan for investors who are buying and rehabilitating properties; and a Multifamily bridge program for the purchase or refinance of 5+ unit properties. For more information, visit limaone.com.