L+M Development Partners Named Freddie Mac 2024 Multifamily Impact Sponsors

NEW YORK, NY (April 4, 2024)  — L+M Development Partners (L+M) and affiliates L+M Fund Management, and LMXD today announced the firm’s selection as a 2024 Freddie Mac Multifamily Impact Sponsor. The Impact Sponsor cohort comprises sponsors who have shown significant results in providing affordable housing options, offering resident-centered services, and/or implementing sustainability practices at their properties. The Freddie Mac Multifamily Impact Sponsor Program was started in 2021 and continues to recognize sponsors that go above and beyond advancing social impact across their portfolios. 

 

"At L+M, our mission centers around a resident-first approach where we bring in the resources, services and support our communities’ need to enhance their quality of life," said Lisa Gomez, Chief Executive Officer and Partner, L+M Development Partners. "It is a great honor for our company to be recognized as a Freddie Mac Multifamily Impact Sponsor, along with our fellow recipients who are all working to deliver positive social impacts across the multifamily industry." 

 

L+M has secured loans from Freddie Mac Multifamily to develop and rehabilitate affordable apartments across the country. At Norman Towers, a 16-story, 406-unit, independent-living senior affordable development in East Orange, New Jersey, Freddie Mac provided a $98 million loan for a complete rehabilitation. With the support from Freddie Mac, L+M renovated each apartment, overhauled every kitchen and bathroom, installed new flooring, windows, ceiling fans, intercoms, and provided free community-wide Wi-Fi. L+M also completed upgrades to amenity spaces, common areas and elevator cabs all while expanding social services for the senior community at Norman Towers.

 

Additionally, Freddie Mac provided a $35 million Immediate Tax-Exempt Loan to facilitate the rehabilitation of Concordia Place Apartments, a 297-unit affordable housing development in the south side of Chicago. L+M partnered with minority developer SAA | EVI to provide significant improvements to the distressed property that would transform the community and improve the quality of life for residents. The rehabilitation scope features a contemporary exterior façade, renovated kitchens, and bathrooms, upgraded mechanicals, a modernized community room, new exercise room, computer room and community teaching kitchen, and improved landscaping and outdoor amenities. EarlyBird, a program that establishes investment accounts for children and the property contributes to their accounts based on grades and attendance, was also rolled out to the residents.

About L+M Development Partners

At L+M Development Partners, working together to build stronger communities is our mission. Our double bottom line philosophy means that we measure success not only in financial returns but also by the positive impacts we make in the communities we serve. Founded in 1984, L+M is a full-service real estate development firm that develops, invests, constructs, and manages properties with industry-leading innovation. Recognized as a top affordable housing developer, L+M and its affiliate companies are responsible for approximately $16.5 billion in development and investment and have acquired, built, or preserved over 46,000 high-quality residential units in a variety of urban markets nationwide, primarily in New York’s tristate area. Please visit our website for more information: http://lmdevpartners.com. To learn more about our mission and values, go to https://lmdevpartners.com/mission-and-values/.