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New York & Tri-State  + Outer  + Apartments  |  July 14, 2023
Emily Fu
By: Emily Fu

Wavecrest Management Lands $31M Refi for Brooklyn Affordable Community 

Wavecrest Management has secured a $31.7 million loan from the U.S. Department of Housing and Urban Development/Federal Housing Administration to refinance Lefferts Heights, an 87-unit affordable multifamily community in Brooklyn.  

Lefferts Heights, located in the Clinton Hill, benefits from a Section 8 housing assistance payment contract. The loan allows Wavecrest Management, the family-owned and operated management company, to preserve the financial and physical viability of the affordable housing community.  

The FHA loan provides a fixed interest rate, extends the HAP contract for 20 years, and includes funds for property renovations to enhance accessibility. Joshua Reiss of Lument brokered the transaction.  

Read More News Stories About: Lument
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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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