Lument Provides $33.6M Construction Loan For Affordable Seniors Housing Development In Dallas

The property asset involved in this transaction is a development site located at 2770 Bethurum Avenue in Dallas. The project is known as The Culbreath, featuring 364 units designated for affordable seniors housing. It is expected to be completed by summer 2027. The loan amount provided for this development is $33,600,000, facilitated as a construction loan by Lument.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $33,600,000
• Lender: James Flynn - Lument
• Landlord: Betty Culbreath - DHA Housing Solutions of North Texas
• Co-Landlord: Nancy Rase - Volunteers of American National Services
• Brokers: Tracy Peters & Dale Giffey - Lument
• Loan Type: Construction

The financing for the project was arranged by brokers Tracy Peters and Dale Giffey, acting on behalf of both DHA Housing Solutions of North Texas and Volunteers of America National Services to secure the construction loan from Lument.