DALLAS — Lument Real Estate Capital has arranged a $33.6 million Freddie Mac loan to facilitate the construction of a new affordable seniors housing development in Dallas. The borrowers are DHA Housing Solutions of North Texas and Volunteers of American National Services (VOANS). Tracy Peters and Dale Giffey of Lument led the transaction.
In addition to the $33.6 million Freddie Mac Tax-Exempt Loan (TEL), Lument Securities provided bond underwriting services for $45.6 million in tax-exempt cash collateralized bonds. The total project cost is $96.7 million.
Upon completion, the property, dubbed The Culbreath, will feature 364 total units, with 270 one-bedroom and 94 two-bedroom apartments. Units will be reserved for seniors age 62 or older. Amenities at community will include a clubhouse, fitness center, library, game room, multipurpose room, swimming pool, pickleball court, bocce ball court and two dog parks.
Completion of the project is scheduled for summer 2027.