New York, NY — November 17, 2025 — Lument announces today the closing of a $27 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(f) loan to refinance East Canton Street Apartments, an 80-unit affordable multifamily community with four five-story buildings constructed in the late 1800s in Boston. Lument’s Tracy Peters, senior managing director on the firm’s affordable housing group, led the transaction for the borrower HallKeen Management.
“In addition to providing favorable long-term debt via HUD that came with significant funds for replacement reserves, we worked with the borrower to help coordinate the defeasance of the underlying bonds, all while comfortably meeting various deadlines,” Peters said.
The FHA loan has a fixed interest rate and a 35-year term and amortization schedule.
“Since East Canton is an older building, HUD understandably had accessibility comments, but we were able to navigate those and assuage its concerns without delaying the application process,” Peters added.
Originally built in 1874 and 1892, East Canton Apartments is a mid-rise apartment complex in what is currently known as the InkBlock neighborhood of Boston that was converted to HUD subsidized multifamily housing in 1981. The property was substantially rehabilitated in 2007 as part of a low-income housing tax credit (LIHTC) and historic tax credit transaction completed by HallKeen Management. The property benefits from a Section 8 housing assistance payment (HAP) contract on all 80 units.
“Lument managed the financing process efficiently and with a clear understanding of the nuances involved in refinancing a historic property,” said Andrew Burnes, president and CEO of HallKeen Management. “Their team’s experience and attention to detail once again ensured a smooth transaction and a strong outcome.”
HallKeen Management is a mission-driven real estate management and investment firm focused on expanding access to affordable and workforce housing. It manages more than 6,800 residential units across over 85 communities in New England, New York, the Mid-Atlantic, and the Southeast.
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/.
