New York, NY — Lument announced today the closing of two FHA Sec. 232/223(f) loans totaling $16.9 million to refinance two skilled nursing facilities in Oklahoma with a total of 266 beds. The transaction was led by Bill Wilson, a managing director at Lument.
“It was a pleasure to work with this repeat Lument client to secure the financing they required for these two communities,” said Wilson. “With these FHA loans, we were able to replace existing, variable rate, personally guaranteed commercial bank debt with fixed interest rate loans with no personal guarantees. In addition, this funding reimbursed our client nearly $2 million for previous capital expenditures tied to a multi-year remodel.”
The loans were issued with a 35-year amortization and a low, fixed interest rate. The smaller of the two communities is situated on 12 acres and was originally constructed in 2006 with an addition completed in 2010. The larger sits on 5.78 acres and was originally built in 1953, with renovations completed in 1967, 1985, and 2018.
About Lument
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. The company has approximately 650 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, Member FINRA/SIPC. Investment advisory services are provided by Lument Investment Management, LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.