Lument Arranges $27M HUD/FHA Refinance for Historic Affordable Housing Community in Boston

Lument, a subsidiary of Orix Capital Corporation, has arranged a $27 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 223(f) loan to refinance East Canton Street Apartments, an 80-unit affordable housing community located in the Ink Block neighborhood of Boston, Massachusetts.

The transaction was detailed in the Novogradac Journal of Tax Credits and was originated by Tracy Peters of Lument on behalf of borrower HallKeen Management.

Historic Affordable Housing Asset Secures Long-Term Capital

East Canton Street Apartments has provided affordable housing to low-income residents since the late 1800s. The property is located in Boston's Ink Block neighborhood.

According to Lument, the FHA Section 223(f) refinance delivers several financial benefits to the property. Proceeds from the loan will replenish replacement reserves and inject capital into renovations intended to maintain the community's ability to serve low-income residents. The refinancing is designed to allow the property to continue serving its resident base for years to come.

Transaction Details

The $27 million HUD/FHA Section 223(f) refinance was closed on behalf of HallKeen Management for East Canton Street Apartments, an 80-unit multifamily property in Boston, Massachusetts. Full details of the transaction were published in the Novogradac Journal of Tax Credits.

Lument is a subsidiary of ORIX Corporation USA. Securities and investment banking services are provided through Lument Securities, LLC, a member of FINRA/SIPC. Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission.