Lument announced the closing of a $33.6 million Freddie Mac loan to facilitate the construction of The Culbreath, a 364-unit affordable seniors housing community in Dallas, on behalf of DHA Housing Solutions of North Texas (DHA) and Volunteers of American National Services (VOANS). To finance the new construction project, which has a total cost of $96.7 million, Lument Securities provided bond underwriting services for $45.6 million in tax-exempt cash collateralized bonds while Lument Real Estate Capital structured the $33.6 million Freddie Mac tax-exempt loan to serve as permanent financing. Senior Managing Director Tracy Peters and Director Dale Giffey led the transaction for Lument.
Upon conversion of the forward commitment, the Freddie Mac loan will feature a 17-year term and 40-year amortization. The Culbreath is reserved for seniors aged 62 or older and consists of 270 one-bedroom and 94 two-bedroom units. Notable amenities include a clubhouse, fitness center, library, game room, multipurpose room, swimming pool, pickleball court, bocce ball court, and two dog parks. The community is currently under construction and is anticipated to open in the summer of 2027.
