Lument, a leading financial services company, recently finalized a $24.8 million loan from Freddie Mac’s Targeted Affordable Housing program to support the purchase of an affordable housing community in Levittown, Pennsylvania.
The transaction was led by John Hurley, Lument’s director based in Washington D.C., with assistance from mortgage broker Zach Schwartz of Brook Hollow Capital. The property was acquired by Silverstone Properties’ affiliate – a multifamily owner-operator headquartered in New Jersey and managing 1,500 units.
The loan has a fixed rate and is spread over five years with one year of interest-only payments followed by 35 years for amortization. Built in 1972 and situated just twenty miles northeast of downtown Philadelphia, the property offers convenient access to city amenities while maintaining its affordability.
According to Hurley: “Through close collaboration with both the sponsor and Freddie Mac teams, we were able to efficiently complete this deal within two months after application submission.” He also acknowledged that dedication from all parties played an integral role in expediting the closing process.
