Lument announced that it has taken a significant step toward its goal of becoming the foremost provider of affordable housing solutions in the nation with the launch of a dedicated affordable housing investment sales and advisory group. Cliff McDaniel will head the initiative and serve as senior managing director. McDaniel has built one of the most successful affordable housing advisory and brokerage groups in the country and brings with him a seasoned team of affordable housing experts, including Derek DeHay and Chris Bergmann, who have been named managing directors. They will join Timothy Bracken, managing director, who moved to Lument earlier in 2021, as founding members of the group.
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“From the start, our vision has been to create the industry’s leading comprehensive affordable housing platform – one that not only includes the full spectrum of debt solutions, but can also serve the evolving needs of clients by providing capital and brokerage services,” said James Flynn, Lument CEO. “Fielding an investment sales team of this caliber is an important element of this strategy.”
Both in its quality and range of services and expertise, the affordable housing investment sales and advisory group complements Lument’s FHA, Fannie Mae, Freddie Mac, and proprietary lending. Lument is the #1 FHA lender and the nation’s #6 affordable housing lender overall. Since 2017, members of the Lument affordable housing investment sales team have completed over 240 transactions in more than 30 states, totaling over 30,000 units with an aggregate sales volume in excess of $2 billion. That establishes Lument as a Top 3 leader in affordable housing investment sales.
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“This was a fantastic fit for us,” McDaniel said. “We’re affordable housing specialists. Becoming part of a company like Lument that is laser-beam focused on affordable housing and that shares our commitment to providing more people with safe, comfortable housing within their means is both an opportunity and a privilege.” McDaniel also noted that joining Lument enables his team to provide a wider range of services for its clients and to gain access to thousands of lending, asset management, and LIHTC relationships that Lument has established over the years, setting the stage for further growth.
The affordable housing investment sales group will coordinate closely with Paul Weissman, senior managing director and head of affordable housing production. “Given the transaction volume that Cliff and his team produce, investors wishing to buy or sell properties will have significant advantages working with his team,” Weissman said. “They offer a nationwide network of relationships, including large numbers of repeat customers, a considerable array of high-quality properties, and experience handling a wide variety of deals. Because we know the properties, Lument is in an excellent position to offer attractive financing for buyers.”
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