New York, NY — January 6, 2026 — Lument announced the closing of a $70 million FHA Section 223(f) MAP loan to refinance a large affordable multifamily community in Miami, Florida. Andrew Ellis, managing director based in Washington, D.C., and Timothy Hoppin, managing director based in Denver, led the transaction for Lument. Ellis and Hoppin previously helped the client close a $22.8 million bridge loan in 2024.
“Closing this transaction was an absolute success, as not only does it refinance the bridge loan with favorable long-term FHA financing, but it also allows for substantial improvements to the community to the tune of over $37,000 per unit, significantly upgrading the property for residents while allowing the borrower to adjust rents based on the positive market conditions and fundamentals,” said Lument’s Ellis.
The $70 million FHA loan has a fixed interest rate and 35-year term and amortization. In conjunction with the FHA transaction, the borrower will be converting the project through the Rental Assistance Demonstration (RAD) program, which will allow the property to convert to a 20-year Section 8 housing assistance payment (HAP) contract with rents set at market.
“Even while dealing with a government shutdown and a Thanksgiving week schedule, we were able to help our client get this deal to the finish line in a manner that reaps enormous benefits,” added Lument’s Hoppin. “HUD was tremendous in continuing the closing process during the shutdown, allowing us to rate lock and then close just days later in what was an amazingly effective and efficient collaboration that improves and preserves quality affordable housing.”
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 550+ 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. For more information, visit https://www.lument.com/.
