Lument closed a $74-million Fannie Mae conventional multifamily loan to refinance Astra Apartments, a 243-unit, class A mixed-use property in Inglewood. Chicago-based managing director Ted Nasca led the transaction on behalf of Black Equities.
The fixed-rate Fannie Mae loan was structured with a five-year term, full interest only, and provided cash-out proceeds. Founded in 1989 by Stanley and Jack Black, Black Equities currently owns 2,500 apartment units and more than 12 million square feet of commercial and industrial space across the U.S.
“Astra Apartments is an exceptional property in a market experiencing tremendous growth, and we were proud to help Black Equities strengthen its long-term position there,” said Nasca. “Fannie Mae’s execution allowed us to deliver a highly competitive solution that met the sponsor’s goals and ensured a seamless transition from construction financing to permanent debt.”
Image courtesy of BSB Design.
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