Officials took a major step forward on the refinancing and rehabilitation of Townes at the Terraces, a 202-unit community in Baltimore.
Lument announced the closing of a $30 million Freddie Mac Targeted Affordable Housing unfunded forward commitment for the project. Lument’s Joshua Reiss, a director based in New York City, led the transaction for the borrower, the Housing Authority of Baltimore City (HABC).
“Partnering with Lument to secure this favorable financing enables us to preserve and modernize affordable homes while keeping rents within reach for Baltimore families,” said Janet Abrahams, HABC president and CEO. “Their expertise and commitment align with HABC’s mission to deliver high-quality housing and stronger neighborhoods.”
The unfunded forward commitment has a period of 36 months and will provide a fixed-rate, tax-exempt loan with a 15-year term and a 40-year amortization upon successful conversion.
“This transaction shows what mission-focused collaboration can achieve,” Reiss said. “It was a complex affordable housing deal, but we worked closely with HABC and other stakeholders to keep the deal moving forward, ultimately arriving at a tremendous outcome.”
Townes at the Terraces, a 4% low-income housing tax credit apartment community, was constructed in 2002 and contains 21 two- and three-story residential buildings.
HABC, the fifth-largest public housing authority in the country, was established in 1937 to provide federally funded public housing programs and related services for Baltimore’s low-income residents.