Lument announced the closing of a $33.6 million Freddie Mac loan to facilitate the construction of The Culbreath, a 364-unit affordable seniors housing community in Dallas, on behalf of DHA Housing Solutions of North Texas (DHA) and Volunteers of America National Services (VOANS). To finance the new construction project, which had a total cost of $96.7 million, Lument Securities provided bond underwriting services for $45.6 million in tax-exempt cash collateralized bonds while Lument Real Estate Capital structured the $33.6 million Freddie Mac Tax-Exempt Loan (TEL) to serve as permanent financing. Senior Managing Director Tracy Peters and Director Dale Giffey led the transaction for Lument.
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