New York, NY – Lument announced the closing of a $24.8 million Freddie Mac Targeted Affordable Housing (TAH) loan to facilitate the acquisition of an affordable housing community in Levittown, Pennsylvania. Lument’s John Hurley, a director based in Washington D.C., led the transaction.
“Working closely with both the sponsor and Freddie Mac, we were able to efficiently execute on a tight timeline, closing the transaction two months after application,” said Lument’s Hurley. “The dedication from all parties was essential in getting this deal across the finish line quickly.”
The subject was acquired by an affiliate of Silverstone Properties, a New Jersey-based multifamily owner-operator with 1,500 units under management. Silverstone is a repeat client of both Lument and Freddie Mac. The fixed-rate loan features a five-year term with one year of interest only payments followed by a 35-year amortization schedule.
All of the units are rent- and income-restricted ensuring that this vital source of quality affordable housing will continue to serve the local community for years to come.
Originally constructed in 1972, the property is located 20 miles northeast of downtown Philadelphia. The beautifully maintained community features attractive amenities, including a clubhouse, fitness center, playground, barbecue area, and laundry.
Zach Schwartz with Brook Hollow Capital served as the mortgage broker for the transaction.
About Lument
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet financing, as well as a full suite of capital market lending products. In addition, Lument provides a suite of real estate advisory solutions including real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States.
Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission.