Steve Beltran Of Lument Refinances Sanctuary At 331 Multifamily For $48.8M

The Sanctuary at 331, a 264-unit multifamily community located at 24555 Us-331 in Santa Rosa Beach, Florida, underwent a refinancing process with a $48.8 million Freddie Mac conventional loan provided by lument'>Lument. The property spans nearly 32 acres and consists of 11 buildings. Offering one- and two-bedroom floorplans, the apartment complex includes amenities like stainless steel appliances, private patios, in-unit washers and dryers, a 24-hour fitness center, swimming pool, clubhouse, a dog park, and garage storage units. Managed by Cushman and Wakefield, the property was 97 percent occupied at the time of the loan transaction.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $48,800,000.00
• Address: 24555 Us-331, Santa Rosa Beach, FL
• Market: Santa Rosa Beach
• Borrower's Rep: Steve Beltran (Lument)
• Lender: Lument
• Loan Features: 10-year term, 30-year amortization schedule, low fixed interest rate, 60 months of interest-only payments

Steve Beltran from Lument played a crucial role as the borrower's representative in securing the loan for the Sanctuary at 331. The borrowing entity was an affiliate of Hunt Cos. Additionally, the loan involved the refinance of an existing HUD loan, showcasing a strategic financial maneuver for the property. This transaction exemplifies the synergy between key individuals and financial institutions to navigate complex real estate financing successfully.