Lument Closes $26.8M FHA Loan to Refinance Brooklyn Senior Housing
Lument has successfully closed a $26.8 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(f) loan to refinance Tri-Senior Housing on behalf of sponsor HDF Companies. The 203-unit affordable housing portfolio consists of income-restricted apartments for seniors and mobility-impaired individuals, located across three non-contiguous sites in Brooklyn. Specifically, West End Gardens I and II are situated in Borough Park, while Webster Terrace is located in Kensington.
The deal was spearheaded by Lument’s Paul Weissman, Senior Managing Director and Head of Affordable Housing Production, alongside Andrew Nicoll, Director of FHA Production.
“This refinance supports the long-term stability of Tri-Senior Housing while allowing its general partner to buy out the former limited partner, fund a replacement reserve, and lock in long-term fixed-rate financing,” said Nicoll. “This was a smart transaction that strengthened the properties’ financial foundation and preserves critical seniors housing in Brooklyn.”
The FHA loan includes a competitive fixed interest rate and carries a fully amortized 35-year term, supporting the sustained availability of affordable senior housing in one of New York City’s most populous boroughs.
