**Lument Secures $14M CMBS Loan for Delaware Mixed-Use Development**
Lument has announced the successful placement of a $14 million CMBS loan to refinance *Mi-Place at Vineyards*, a 41-unit, 65,000-square-foot mixed-use retail development located in Lewes, Delaware.
The transaction was led by Ben Retter, a director on Lument’s debt capital markets team. The new CMBS loan features a fixed interest rate and a five-year term, replacing the existing debt from a local bank. The project’s developer is Fernmoor, a New Jersey-based company specializing in land development and residential and commercial property management.
“Helping this experienced developer obtain CMBS financing for this high-quality, mixed-use community was a pleasure,” said 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 larger master-planned community that includes multifamily buildings, for-sale condominiums, carriage homes, townhouses, retail space, and a grocery store.
