Wavecrest Management Lands $31M Refi for Brooklyn Affordable Community 

Wavecrest Management has secured a $31.7 million loan from the U.S. Department of Housing and Urban Development/Federal Housing Administration to refinance Lefferts Heights, an 87-unit affordable multifamily community in Brooklyn.  

Lefferts Heights, located in the Clinton Hill, benefits from a Section 8 housing assistance payment contract. The loan allows Wavecrest Management, the family-owned and operated management company, to preserve the financial and physical viability of the affordable housing community.  

The FHA loan provides a fixed interest rate, extends the HAP contract for 20 years, and includes funds for property renovations to enhance accessibility. Joshua Reiss of Lument brokered the transaction.