New York, NY — June 25, 2025 — Lument today announces the closing of a $33.6 million Freddie Mac loan to facilitate the construction of The Culbreath, a 364-unit affordable seniors housing community in Dallas, on behalf of DHA Housing Solutions of North Texas (DHA) and Volunteers of American National Services (VOANS). To finance the new construction project, which had a total cost of $96.7 million, Lument Securities provided bond underwriting services for $45.6 million in tax-exempt cash collateralized bonds while Lument Real Estate Capital structured the $33.6 million Freddie Mac Tax-Exempt Loan (TEL) to serve as permanent financing. Senior Managing Director Tracy Peters and Director Dale Giffey led the transaction for Lument.
“The financing of The Culbreath allowed us to help DHA and VOANS, who previously paired on the construction of The Oaks transaction that Lument financed, to construct more much-needed quality housing to serve affordable senior renters,” said Lument’s Peters. “We’re thrilled our bond capabilities and agency expertise were both put to good use to achieve an optimal outcome that allows DHA and VOANS to continue serving people and communities in need.”
Upon conversion of the forward commitment, the Freddie Mac loan will feature a 17-year term and 40-year amortization.
“This project exemplifies our commitment to creating quality, affordable housing where seniors can thrive, and it wouldn’t have reached the finish line without Lument’s expert guidance and skilled and efficient deal management,” said David Nisivoccia, chief operating officer at Volunteers of America National Services. “The Culbreath represents our continued partnership with DHA to address the critical need for affordable senior housing in Dallas,” he added. “We’re proud to help create a community where seniors will have access to not just quality housing, but also amenities that promote active, engaged living that encourage social connection and wellness.”
“We are excited to begin the long-awaited redevelopment of DHA’s former Rhoads Terrace public housing site and are pleased to be working with our partners—Volunteers of America National Services and Lument—to bring this highly desirable senior housing development to the community,” said Troy Broussard, president and CEO of DHA Housing Solutions for North Texas. “This team has an unwavering commitment to provide high quality senior housing to the City of Dallas.”
The Culbreath is reserved for seniors aged 62 or older and consists of 270 one-bedroom and 94 two-bedroom units. Notable amenities include a clubhouse, fitness center, library, game room, multipurpose room, swimming pool, pickleball court, bocce ball court, and two dog parks.
Currently under construction, the Culbreath is anticipated to open in the summer of 2027.
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/.
