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Lument Closes $30M Refinance for Baltimore Affordable Housing Property
Lument has closed a $30 million Freddie Mac Targeted Affordable Housing unfunded forward commitment for the refinance and rehabilitation of Townes at the Terraces, a 202-unit townhome apartment community in Baltimore, Maryland.
Lument’s Joshua Reiss, director based in New York City, led the transaction for the borrower, the Housing Authority of Baltimore City. “Partnering with Lument to secure this favorable financing enables us to preserve and modernize affordable homes while keeping rents within reach for Baltimore families,” said Janey Abrahams, president and CEO of HABC.
The unfunded forward commitment has a period of 36 months and will provide a fixed-rate, tax-exempt loan with a 15-year term and 40-year amortization upon successful conversion. Built in 2002, Townes at the Terraces features 21 two- and three-story residential buildings.
“It was a complex affordable housing deal, but we worked closely with HABC and other stakeholders to keep the deal moving forward, ultimately arriving at a tremendous outcome,” said Lument’s Reiss.
