Lument announced that it closed a $42.7 million affordable multifamily Freddie Mac loan for the acquisition of Estraya Boerne, a garden-style apartment project in Boerne, TX, with 288 housing units, including 144 income-restricted apartments.
The transaction was an acquisition of a newly built community owned by an existing Public Facility Corporation (PFC), an economic development tool that encourages affordable housing initiatives. Lument was able to collaborate with the PFC and Freddie Mac to structure the loan. Upon acquisition, the apartment complex will be managed by a borrower-affiliated management company with 30 years of experience in managing income-restricted rental properties, including mixed-income units.
