Lument Closes $18.9M FHA Refinancing for Connecticut Senior Housing and Community Care

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NEW YORK, March 31, 2022 /PRNewswire/ — Lument has announced the closing of a $18.9 million US Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Sec. 223(a)(7) refinance The Guilford House, a 96-bed assisted living (AL) and skilled nursing (SNF) facility in Guilford, Connecticut. The successful closing refinances a 2019 blended rate loan provided by Lument to finance an expansion of AL units and services. Aaron Beckerresponsible for the production of senior housing and healthcare for Lument, led the transaction.

(PRNewsfoto/Lument)

“This refinancing marks the culmination of a successfully implemented plan that has expanded the reach of the community’s services and positions it for continued long-term success,” Becker said. “The Guilford House is one of the leading aged care and housing communities in Connecticutand we were delighted to help them generate substantial annual savings through this agency refinancing.” Apostrophe

The Guilford House is a facility individually owned and operated by the Moffie family, regular Lument customers with decades of experience in the retirement home industry. The Moffies acquired the facility in 2002, when the original building was a 60-bed retirement SNF that required extensive renovations and new construction. A 2007 FHA loan spurred the facility’s renewal and emergence as a 75-bed SNF specializing in short-term rehabilitation. In 2019, the FHA program was again used to fund the addition of 21 AL units to the existing building.

the $18.9 million FHA Sec. The 223(a)(7) loan provided by Lument replaces existing debt with a reduced interest rate and mortgage insurance premium (MIP), and provides approximately $110,000 annual savings on debt service. In order to maximize savings on debt service, Lument was able to secure a 40-month loan extension.

The Guilford House was nominated for the Eli Pick Awarded by the American College of Health Care Administrators (ACHCA), a recognition of distinction given to less than 3% of facilities nationwide, and consistently generates the highest quality metrics in the service area of Yale New Haven Hospital.

On Lument
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized capital solutions for investors in multifamily and affordable housing, retirement 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 sales, investment banking, and investment management solutions. Securities, investment banking and advisory services are provided by 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 United States Securities and Exchange Commission. For more information, visit www.lument.com.

MEDIA CONTACT
Tyler Howard | Associate Director
513-403-1911 | [email protected]

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