Updated Jul 11, 2025
Lument Provides $33.6M Construction Loan For Affordable Seniors Housing Development In Dallas
2770 Bethurum Avenue
$33,600,000
Units
364
Asset Type
Development Site
Closing
Jul 10, 2025
About this deal
AI
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.
On the Map
$33,600,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93