Wavecrest Management Secures $31M Refinancing for Brooklyn Affordable Housing 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’s Clinton Hill neighborhood. The loan allows Wavecrest Management, the family-owned and operated management company, to preserve the financial and physical viability of this affordable housing community while extending its Section 8 housing assistance payment contract for 20 years with a fixed interest rate as well as providing funds for property renovations that will enhance accessibility at Lefferts Heights. Joshua Reiss of Lument brokered this transaction which is beneficial to both parties involved in preserving affordability at this multifamily complex located in Brooklyn’s Clinton Hill area..