Lument Provides Fannie Mae Loan For Stone Ridge Apartments

Lument has provided a $33-million Fannie Mae loan to refinance Stone Ridge Apartments, a 317-unit garden-style apartment complex in Mobile, according to Rebusiness Online. Chad Hagwood and Brandon Pate of Lument led the transaction. The unnamed borrower has more than 35 years of commercial real estate experience and a 15-year working relationship with Hagwood. Stone Ridge offers eight different floor plans throughout its 18 residential buildings. The apartment complex was built in 2008 and recently underwent approximately $1.3 million in capital improvements and renovations.