The $28 million HUD/FHA 221(d)(4) loan supports TFG Housing Resources and Raise Up’s collaboration of the substantial rehabilitation of Western Horizon, preserving 353 affordable units in Lorain, Ohio.
Columbus, OH— May 15, 2026 — Lument today announces the closing of a $28 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 221(d)(4) loan to assist TFG Housing Resources and Raise Up with the substantial rehabilitation of Western Horizon, a 353-unit affordable housing community in Lorain, Ohio. The transaction utilized a component of the Rental Assistance Demonstration (RAD) program that allows for blending RAD with Section 18 of the National Housing Act to fund the preservation of aging affordable housing. Lument’s Joey Hague, managing director based in Columbus, led the transaction.
“TFG Housing Resources is passionate about its mission to create quality affordable housing for families in need, and we are honored to help them advance their work,” said Hague. “The FHA 221(d)(4) program was an ideal fit as it installs fully amortizing 40-year construction to permanent financing at a favorable interest rate, positioning the community for future success.”
The units were converted through the RAD program in conjunction with 4% low-income housing tax credits (LIHTCs) through the Ohio Housing Finance Agency. In addition to the FHA mortgage, Lument Securities served as the underwriter for $9.2 million in tax-exempt bonds.
TFG Housing Resources is a Columbus-based real estate developer focused on the new construction and rehabilitation of affordable housing properties. Founded in 2023, it is associated with The Finch Group, which has a track record of more than 60 affordable housing developments and 10,000 units built.
“Lument’s understanding of the complexities of utilizing the RAD program in conjunction with 4% LIHTC, along with its FHA expertise, made for an efficient process and optimal outcome,” said Brad Carman, president of TFG Housing Resources. “Their guidance was instrumental in navigating a transaction of this scale, which is one of the largest public housing renovations in Ohio’s history.”
Originally built in the 1950s as three separate communities, Leavitt Homes, Westview Terrace, and Westgate Apartments have historically operated as public housing. As a result of the RAD conversion utilizing FHA financing, the properties now operate as one and are being rebranded as Western Horizon. Post renovation, all units will all be assisted by project-based rental assistance with rents restricted to 60% area median income (AMI).
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 550 employees in over 25 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/.
