Lument Closes $13.3 Million Freddie Mac Loan for Artisan American's Acquisition of Conroe LIHTC Community
Lument has closed a $13.3 million Freddie Mac affordable multifamily loan to finance the acquisition of Skytop Apartments, a 192-unit low-income housing tax credit garden community in Conroe, Texas, the firm announced Sept. 19, 2026. The sponsor, Artisan American, purchased the gated property at 2455 North Frazier Street, adding it to a Texas portfolio that includes more than 1,500 LIHTC units and multiple seniors housing communities.
Deal Structure and Financing Terms
The Freddie Mac loan was structured as a 10-year floating-rate transaction with 36 months of interest-only payments followed by a 35-year amortization schedule. At 192 units, the financing equates to approximately $69,000 per unit in loan proceeds. Lument's Derek DeHay, managing director of affordable housing investment sales, and Aniekan Udoh, director of affordable housing debt origination, led the transaction.
Udoh said the team navigated headwinds during the closing process. "We worked collaboratively with the affordable housing investment sales team to navigate the choppy waters of rising treasury yields and an adverse property tax reassessment to close the deal, ensuring that the sponsor received maximum loan proceeds," he said.
DeHay highlighted the market fundamentals that supported the transaction. "We were able to find the right purchaser that valued the strong performance of the Conroe market, the growth potential in this area, and a well-managed LIHTC property that will continue to provide quality affordable housing for the community," he said.
Vernon Young, principal of Artisan American, credited Lument's sector expertise for the outcome. "Lument's affordable housing expertise and attention to detail resulted in a smooth transaction and a fantastic outcome for the Skytop Apartments acquisition," Young said.
Property Profile: Skytop Apartments
Built in 2011 and placed in service that same year following a 2009 LIHTC allocation, Skytop Apartments comprises 192 garden-style units across approximately 181,900 square feet at 2455 North Frazier Street in Conroe, Texas 77303. The gated community offers one-, two-, and three-bedroom floor plans with amenities including a resort-style pool, fitness center, and playground.
The property operates as a 192-unit LIHTC community with units targeted at households earning up to 60% of Area Median Gross Income. Income caps for the Houston MSA at that threshold run approximately $43,680 for a one-person household, $49,920 for two persons, $56,160 for three persons, and $62,400 for four persons. The property also accepts Housing Choice Vouchers. Current asking rents range from the mid-$800s to the mid-$1,400s per month depending on unit size.
Houston MSA Market Context
Skytop Apartments sits within the Houston metropolitan statistical area, which Lument described as the second-fastest growing metro in the United States. Conroe and the broader Montgomery County submarket have been among the Houston region's fastest-growing areas, supported by population growth, household formation, and relative housing affordability compared with core Houston submarkets. The property's location along the I-45 corridor provides access to major employment centers throughout the region.
LIHTC properties in growing Texas metros have generally maintained low vacancy rates, as income-restricted rents have remained below rising market-rate rents, sustaining demand from cost-burdened households. The acquisition strategy for Skytop centers on rent optimization within LIHTC limits, operational efficiencies, and a property tax exemption structure intended to support cash flow.
About the Parties
Lument, a subsidiary of ORIX Corporation USA, provides commercial real estate finance solutions across multifamily, affordable housing, and seniors housing and healthcare sectors. The firm offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet financing, along with capital markets lending products and real estate advisory services including investment sales, investment banking, and investment management. Lument employs approximately 550 people across more than 30 offices nationwide.
Artisan American is a Texas-based sponsor with experience developing and managing more than 1,500 LIHTC units and multiple seniors housing communities across the state.