New York, NY — November 22, 2023 — Lument announced today that it closed four transactions totaling $11.5 million for United Church Homes, a non-profit organization that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. The transactions were across four separate properties in Ohio, Indiana, and Tennessee and were led by Lument’s Paul Weissman, head of affordable housing production and Andy Nicoll, a director who specializes in FHA production.
The transactions were completed under the FHA Section 223(f) program and the properties received more than $5,000 per unit in repairs.
“We’re very pleased with the completion of these four transactions and appreciate the partnership of United Church Homes throughout this process,” said Nicoll. “United Church Homes has a proven track record of providing high-quality, affordable, and supportive homes for the seniors community, and these loans have allowed the organization to continue its mission with four properties, making significant repairs to each unit and preserving the 100% rent restricted seniors properties for years to come.”
The four refinanced loans were closed between May and September, and include $1.8 million for Pickfair Square, a 33-unit multifamily property located in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit multifamily property located in Fort Wayne, Indiana; $2.3 million for Fox Hollow, a 40-unit multifamily property located in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit multifamily property located in Canal Winchester, Ohio.
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 is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, 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/.