Commercial real estate finance company Lument has closed a $23.5 million Freddie Mac loan to refinance La Brea Gardens, a 185-unit affordable multifamily community in Los Angeles. The loan ensures that 182 of the units will be preserved for affordable housing for lower-income residents.

“It was a pleasure to provide bridge financing for the sponsor, Western America Properties, affording them the time needed to negotiate a buyout price with their limited partner on this property,” said Lument’s Aaron Wooler who led the transaction. 

The property, built in 1950 and renovated in 2001, consists of studio, one-, two- and three-bedroom residences across six buildings. Community amenities include a clubhouse and a business center and La Brea Gardens also offers after-school programs.

Western America Properties is a veteran-owned company, and La Brea Gardens was the first building in LA to implement a HUD directive to provide shelter to homeless veterans.