New York, NY — December 9, 2025 — Lument announces today the closing of a $30 million Freddie Mac Targeted Affordable Housing (TAH) unfunded forward commitment for the refinance and rehabilitation of Townes at the Terraces, a 202-unit townhome apartment community in Baltimore, Maryland. Lument’s Joshua Reiss, director based in New York City, led the transaction for the borrower, The Housing Authority of Baltimore City (HABC).
“Partnering with Lument to secure this favorable financing enables us to preserve and modernize affordable homes while keeping rents within reach for Baltimore families,” said Janey Abrahams, president and CEO of HABC. “Their expertise and commitment align with HABC’s mission to deliver high-quality housing and stronger neighborhoods.”
The unfunded forward commitment has a period of 36 months and will provide a fixed-rate, tax-exempt loan with a 15-year term, and 40-year amortization upon successful conversion.
“This transaction shows what mission-focused collaboration can achieve,” said Lument’s Reiss. “It was a complex affordable housing deal, but we worked closely with HABC and other stakeholders to keep the deal moving forward, ultimately arriving at a tremendous outcome.”
Townes at the Terraces, a 4% low-income housing tax credit (LIHTC) apartment community, was constructed in 2002 and contains 21 two- and three-story residential buildings.
HABC, the fifth-largest public housing authority in the country, was established in 1937 to provide federally funded public housing programs and related services for Baltimore’s low-income residents.
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/.
