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Lument Closes $25M Loan for Pennsylvania Acquisition
Lument has closed a $24.8 million Freddie Mac Targeted Affordable Housing (TAH) loan to facilitate the acquisition of an affordable housing community in Levittown, Pennsylvania.
Lument’s John Hurley, a director based in Washington D.C., led the transaction. Zach Schwartz with Brook Hollow Capital served as the mortgage broker for the transaction. The subject was acquired by an affiliate of Silverstone Properties, a New Jersey-based multifamily owner-operator with 1,500 units under management.
The fixed-rate loan features a five-year term with one year of interest-only payments followed by a 35-year amortization schedule. Originally constructed in 1972, the property is located 20 miles northeast of downtown Philadelphia.
“Working closely with both the sponsor and Freddie Mac, we were able to efficiently execute on a tight timeline, closing the transaction two months after application,” said Hurley. “The dedication from all parties was essential in getting this deal across the finish line quickly.”
