Lument has closed four refinance loan transactions totaling $11.5 million for United Church Homes, a non-profit organization that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities.
The transactions were across four separate properties in Ohio, Indiana, and Tennessee and were led by Lument’s Paul Weissman, head of affordable housing production, and Andy Nicoll, a director who specializes in FHA production.
The transactions were completed under the FHA Section 223(f) program and the properties received more than $5,000 per unit in repairs.
The four refinanced loans were closed between May and September, and include $1.8 million for Pickfair Square, a 33-unit multifamily property located in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit multifamily property located in Fort Wayne, Indiana; $2.3 million for Fox Hollow, a 40-unit multifamily property located in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit multifamily property located in Canal Winchester, Ohio.
