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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.
- ◦Financing
