Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Outer  + Finance  | 

Lument Arranges FHA Loan on Brooklyn Senior Housing

Lument closed a $26.8-million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(f) loan to refinance Tri-Senior Housing for sponsor HDF Companies. The 203-unit affordable housing property consists of income-restricted apartments for seniors and mobility-impaired individuals located across three non-contiguous sites in Brooklyn. West End Gardens I and II are in Borough Park, while Webster Terrace is in Kensington.

The transaction was led by Lument’s Paul Weissman, senior managing director and head of affordable housing production, and Andrew Nicoll, director of FHA production.   

“This refinance supports the long-term stability of Tri-Senior Housing while allowing its general partner to buy out the former limited partner, fund a replacement reserve, and lock in long-term fixed-rate financing,” said Nicoll. “This was a smart transaction that strengthened the properties’ financial foundation and preserves critical seniors housing in Brooklyn.”

The FHA loan features a competitive, fixed interest rate, and a fully amortized 35-year term.    

Read More News Stories About: Lument
Connect

Inside The Story

Lument's Niccol

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing