Connect CRE: Lument Closes $23.5M Loan to Refi LA Affordable Project

Commercial real estate finance company Lument has closed a $23.5 million Freddie Mac loan to refinance La Brea Gardens, a 185-unit affordable multifamily community in Los Angeles. The loan ensures that 182 of the units will be preserved for affordable housing for lower-income residents.

β€œIt was a pleasure to provide bridge financing for the sponsor, Western America Properties, affording them the time needed to negotiate a buyout price with their limited partner on this property.”

– Aaron Wooler, Managing Director