Lument Closes $26.8M FHA Loan to Refinance Brooklyn Senior Housing
Lument has successfully closed a $26.8 million loan under the U.S. Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) Section 223(f) program to refinance Tri-Senior Housing. The transaction was completed on behalf of the project’s sponsor, HDF Companies.
Tri-Senior Housing includes 203 income-restricted residential units designated for seniors and mobility-impaired individuals. The units are spread across three separate properties in Brooklyn: West End Gardens I and II, located in the Borough Park neighborhood, and Webster Terrace in Kensington.
The refinancing transaction was led by Paul Weissman, Senior Managing Director and Head of Affordable Housing Production at Lument, along with 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,” Nicoll commented. “This was a smart transaction that strengthened the properties’ financial foundation and preserves critical seniors housing in Brooklyn.”
The FHA loan offers a competitive, fixed interest rate and a fully amortized 35-year term, providing long-term financial security for the properties.
