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Lument Closes $23.5M Loan for LA Affordable Project Refi

Lument Closes $23.5M Loan to Refi LA Affordable Project

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.


Inside The Story

LumentAaron Wooler

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Financing
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