Lument Furnishes Freddie Mac Financing on Brooklyn Affordable Portfolio
Lument closed on a $117.4-million Freddie Mac unfunded forward loan for Hope Gardens, a portfolio of affordable housing communities in Brooklyn. The sponsor is a joint venture between Pennrose Holdings, Acacia Real Estate Development, and an affiliate of The New York City Housing Authority.
The Freddie Mac loan features a three-year rate lock and serves as construction take-out financing, covering 949 units across 47 buildings. The transaction was led by Lument’s Josh Reiss, director on the affordable housing production team.
““The closing allows the client to complete the substantial rehabilitation of the properties with lower cost, short-term financing and then close into permanent financing with the Freddie Mac tax-exempt loan, which offers the benefits of long-term, fixed-rate debt,” said Reiss.
This is the first of two financings for Hope Gardens between Lument and the sponsor, as a second portfolio is scheduled to close in late July.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).