New York, NY — Lument recently closed a Fannie Mae DUS® loan to refinance Eaglecrest Retirement Community, a 102-unit independent and assisted living community in Salina, Kansas. The transaction was led by Lument Managing Directors Bill Wilson, Doug Harper, and Casey Moore.
“We were pleased to secure a loan that covered all of this sponsor’s goals, including refinancing with no prepayment penalty outside of standard yield maintenance,” said Wilson. “This Fannie Mae loan also features a competitive rate and a significant cash-out for the client.”
Jim Klausman, president and CEO of Midwest Health, Inc., which manages Eaglecrest, agreed. “Eaglecrest continues to be a tremendously successful community and our partners at Lument recognized that,” said Klausman. “After reviewing the financial strength of the property, Lument’s team offered us a competitive agreement that made sense for both of us.”
Midwest Health is a family-owned-and-operated network of roughly 80 senior living communities located across Iowa, Kansas, Nebraska, Oklahoma, Missouri, and Illinois. It was founded in 1977 by Jim Klausman and Butch Eaton, who both remain in leadership positions at Midwest Health today; Klausman serves as CEO. Headquartered in Topeka, Kansas, Midwest Health was one of the first companies in the Midwest to build assisted living communities, offering seniors assistance with daily tasks in a homelike setting.
Eaglecrest Retirement Community was constructed in 2004 and consists of 62 independent living and 40 assisted living units. It has been voted Salina’s top senior living community for 16 consecutive years and contains a full range of in-unit and group amenities.
About Lument
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument 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, investment banking, and investment management solutions. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.