Lument Helps Dallas Housing Authority with Affordable Senior Housing

Lument is a nationwide commercial real estate finance specialist. Lument provides a package of commercial lending, investment real estate sales, banking, and investment management solutions. Most recently, they have joined with Dallas Housing Authority to provide senior housing.

Operating as a combined organization of veteran industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument maintains a robust suite of financing solutions tailored to investors in multi-family real estate, affordable housing, senior housing, and healthcare sectors.

Dallas Housing Authority (DHA) is one of the ten largest housing authorities in the country. It provides well over 2,000 labor housing units through both its proprietary housing and partnerships through private housing developers. DHA’s housing assistance is provided in North Texas to more than 54,000 people each year through its Public Housing and Housing Choice Voucher programs.

VOANS was established in 1982 as a spin-off of Volunteers of America’s merged with its housing and health care services into a single nonprofit corporation. With a portfolio of approximately 240 properties and 13,000 units throughout 40 states plus Puerto Rico, VOANS oversees many housing development projects.

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Lument will provide $25 million in short-term bonds and $22.1 million in permanent financing as part of a financing structure that aims to allow DHA and VOANS to develop a mixed-income seniors housing community in Dallas, Texas. The Oaks is expected to be finished in 2023, consisting of 260 units for residents aged 62 or older, with over 90% of the units having rent or income restrictions.

Tracy Peters, the Senior Managing Partner for Lument, stated, “While every transaction we close at Lument is noteworthy in its own right, there are certain deals that are especially rewarding because they enrich communities by creating new, high-quality housing that enhances lives across the affordability spectrum. This collaboration was certainly such a transaction.”