Lument Provides $28 Million Loan For Rehabilitation Of 353-Unit Multifamily In Lorain, OH

The asset involved in this transaction is Western Horizon, a multifamily property located at 2310 West 20th Street in Lorain, OH, comprising 353 units. The total loan amount for this property is $28,000,000, which will be utilized for substantial rehabilitation purposes.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $28,000,000
• Lender: Lument
• Landlord: TFG Housing Resources & Raise Up
• Market: Lorain, OH
• Units: 353
• Loan Type: HUD/FHA Section 221(d)(4)
• Funding mechanisms: RAD program and 4% LIHTCs, $9.2 million in tax-exempt bonds

This transaction is sponsored by TFG Housing Resources and Raise Up, which successfully leveraged various funding mechanisms to convert the former public housing complex into a long-term affordable housing asset.