Lument Refinances $14M for Delaware Mixed-Use Development
Lument announced the placement of a $14 million CMBS loan to refinance Mi-Place at Vineyards, a 41-unit, 65,000-square-foot retail mixed-use development in Lewes, Delaware.
Ben Retter, a director on Lument’s debt capital markets team, led the transaction. The CMBS loan has a fixed interest rate and five-year term. It replaces existing debt from a local bank. The developer is Fernmoor, a land development and residential and commercial property management company based in New Jersey.
“Helping this experienced developer obtain CMBS financing for this high-quality, mixed-use community was a pleasure,” said Lument’s Retter. “The property is well-positioned for success given the beneficial refinance, the appealing mix of unit types, its location near popular vacation destinations, as well as its top-notch management.”
Mi-Place at Vineyards is part of a master-planned community which includes multifamily buildings, for-sale residential condominiums, for-sale carriage homes and townhouses, retail space, and a grocery store.
