New York, NY — Lument recently announced the closing of a $10.3 million U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Sec. 242 loan to refinance existing bonds secured by Wills Memorial Hospital, a 25-bed critical access hospital located in Washington, Georgia. Lument Director Conner Girdley led the transaction.
“We were pleased to work with Wills to secure funding that fulfilled all of their refinancing goals,” said Girdley. “This loan will provide substantial savings with a new low, fixed interest rate. Additionally, the refinancing will allow the release of a significant portion of restricted HUD required reserves and remove public disclosure requirements.”
Wills Memorial Hospital has been operating as a public, non-profit hospital since originally opening its doors in 1961. The hospital employs a staff of 190 and offers a full range of inpatient and outpatient services to 19,000 residents in a three-county radius.
This loan refinances Build America Bonds issued in 2009, part of the American Recovery and Reinvestment Act (ARRA) to create jobs and stimulate the economy. The bonds funded renovations at the hospital—including a new 19-bed inpatient unit, an outpatient specialty center, additional space for pharmacy and respiratory therapy, and emergency room improvements and expansion.
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, real estate investment sales, investment banking, and investment management solutions. Lument has approximately 600 employees in over 25 offices across the United States. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. 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.