New York, NY — September 20, 2024 — Lument announced that it closed a $5.2 million Freddie Mac affordable shelter property loan to refinance 1075 Hall Place, a transitional housing community in the Bronx, New York. Lument’s James Kelly led the transaction. Daniel Lerer of GFI Realty Services was the broker.
“Freddie Mac and the borrower stepped up to help ensure that there will remain opportunities for those experiencing homelessness in the community,” Lument’s Kelly said. “This refinancing will provide financial stability for the property while allowing the borrower to continue to address the pressing need for quality shelter and services.”
In addition to refinancing existing debt, the transaction will provide the owner with capital that can be reinvested in future opportunities. The sponsor owns transitional housing for families with children in the Bronx, promoting a client-centered philosophy that empowers individual residents. Built in 2003, 1075 Hall Place has 44 studio units.
“The expertise and experience of Lerer and GFI in the transitional housing space was instrumental in getting the loan closed,” Kelly said.
“We are thrilled with the outcome,” Lerer said. “Freddie Mac demonstrated its commitment to helping alleviate homelessness, and Lument displayed the expertise and agility needed to guide this transaction through a smooth closing.”
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/.
