Lument 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 for sponsor HDF Companies. The 203-unit affordable housing property consists of income-restricted apartments for seniors and mobility-impaired individuals located across three non-contiguous sites in Brooklyn. West End Gardens I and II are in Borough Park, while Webster Terrace is in Kensington.
The transaction was led by Lument’s Paul Weissman, senior managing director and head of affordable housing production, and 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 features a competitive, fixed interest rate, and a fully amortized 35-year term.
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