New York, NY — June 9, 2025 — Lument today announces the closing of a $26.8 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(f) loan to refinance Tri-Senior Housing for sponsor HDF Companies. The 203-unit affordable housing property consists of income-restricted apartments for seniors (aged 62+) and mobility-impaired individuals located across three non-contiguous sites in Brooklyn, New York. West End Gardens I and II are in the Borough Park neighborhood, while Webster Terrace is in Kensington.
The transaction was led by Lument’s Paul Weissman, senior managing director and head of affordable housing production, and Andrew Nicoll, director of FHA production.
“This refinance supports the long-term stability of Tri-Senior Housing while allowing its general partner to buy out the former limited partner, fund a replacement reserve, and lock in long-term fixed-rate financing,” said Lument’s Nicoll. “This was a smart transaction that strengthened the properties’ financial foundation and preserves critical seniors housing in Brooklyn.”
The FHA loan features a competitive, fixed interest rate, and a fully amortized 35-year term.
“This transaction not only ensures long-term stability but also preserves affordable housing for seniors,” said Lument’s Weissman. “With the renewal of all three HAP contracts, 200 of the 203 units remain protected under subsidy, reinforcing the property’s mission and impact in the community.”
All the sites are located within 1.5 miles of each other. The combined property sits on 1.11 acres of land.
“Refinancing a HUD transaction in New York can be incredibly complex, but the Lument team guided us through it with unwavering dedication and expertise,” said Rabbi Avrohom Jaffe, executive director of HDF Companies and executive director of the Southern Brooklyn Community Organization (SBCO). “From start to finish, they demonstrated professionalism, perseverance, and a clear commitment to our mission,” he added. “We’re deeply grateful for their support.”
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. For more information, visit https://www.lument.com/.
