New York, NY — April 4, 2025 — Lument today announced the closing of a $29.8 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(f) loan to refinance a recently constructed garden-style apartment community in Walworth County, Wisconsin. James Kress, a director with Lument based in Columbus, Ohio, led the transaction.
Lument was able to help a long-standing client and top-tier developer navigate the HUD requirements and obtain the GreenPoint Rated Certification to take advantage of the Green Mortgage Insurance Premium (Green MIP) reduction. The client also benefitted from recently implemented FHA programmatic changes designed to increase loan proceeds for rental housing borrowers. The FHA loan features a competitive, fixed interest rate and a fully amortized 35-year term.
“The FHA program offered the perfect product to take out the existing construction loan,” said Lument’s Kress. “The successful closing allows our client to focus on operations and minimize exposure to future interest rate volatility while still leaving the opportunity to benefit from a lower interest rate via FHA’s streamlined loan modification/refinance programs.”
The property, built from 2022 to 2024, features both traditional and loft-style apartment layouts and a comprehensive amenity package.
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/.
