Lument closes $53.1 million refinance to support lease-up at South Bank at Quarry Trails apartments
Financing targets construction-debt replacement and stabilization period
A $53.1 million loan has been closed to refinance existing construction debt and support the lease-up phase at South Bank at Quarry Trails, a 266-unit luxury apartment community built in 2025 in Columbus. The financing was structured as a balance sheet loan and is intended to fund reserve accounts while the property transitions from completion to stabilization.
The transaction was led by Ryan Duling, a senior managing director based in Columbus. The borrower and project sponsor is Thrive Companies, a Columbus-based, vertically integrated developer focused on large-scale mixed-use communities. Thrive has reported developing more than 38 communities and over 4,000 residential units.
Loan structure: two-year, adjustable-rate, interest-only
The loan was described as having an adjustable interest rate and a two-year term. It is interest-only for the full term. In practical terms, this type of structure is often used during a property’s “seasoning” period—when a newly delivered multifamily building is still leasing units and building consistent operating performance prior to a longer-term permanent financing execution.
- Loan amount: $53.1 million
- Purpose: refinance existing construction debt; fund reserves; support lease-up and seasoning
- Term and pricing: two-year, adjustable-rate, interest-only
- Asset: South Bank at Quarry Trails, 266 units, built in 2025
Project location and unit mix
South Bank at Quarry Trails is part of a master-planned development in the Upper Arlington submarket of Columbus. The community includes one-, two- and three-bedroom units. Reported in-unit features include granite countertops, stainless steel appliances, and private balconies or patios. Shared amenities described for the development include a clubhouse, saunas and an outdoor pool, along with proximity to Quarry Trails Metro Park.
Affordable set-aside within the development
The project’s unit mix includes an affordability component: 20% of units are reserved as affordable housing. The announcement did not specify income thresholds, rent-setting methodology, or compliance structure for the affordable set-aside.
The refinancing and lease-up financing is positioned as a bridge from construction completion to eventual permanent financing, with reserves and an interest-only period designed to support the initial operating ramp-up.
Company context
Lument operates as a national commercial real estate finance platform and is a subsidiary of ORIX Corporation USA. The company reports providing multiple financing channels—including agency and government-related programs as well as proprietary balance sheet lending—and advisory services tied to real estate capital markets.