Earlier this month, Padam Singh, a managing director and affordable housing originator at Lument, attended a ribbon-cutting ceremony celebrating the reopening of the newly renovated Kiawah Homes community in Charleston, South Carolina. The event marked the completion of a transformation years in the making.
Several years ago, Singh worked with the Charleston Housing Authority to arrange long-term bond financing for the rehabilitation of the historic affordable housing community. Originally constructed during the World War II era, the community’s 61 apartments received extensive improvements, including new roofs, walls, flooring, electrical wiring, lighting, heating and air conditioning systems, kitchens, bathrooms, and porches. Residents now have modernized apartments that remain affordable while preserving the community’s longstanding connection to Charleston.
“Transactions like this are why we do what we do,” Singh said. “When you close a financing, you know the numbers work and the plan is in place, but seeing the finished community and meeting the people who will benefit from it brings the impact into focus. It was incredibly rewarding to join the Charleston Housing Authority and community leaders in celebrating this milestone.”
The Charleston Housing Authority is also advancing other preservation and redevelopment initiatives working with Lument, including plans to rehabilitate Robert Mills Manor, another affordable housing community serving Charleston residents.
