Lument closes $ 35.6 million USDA loan to fund replacement of skilled nursing facility

NEW YORK, May 17, 2021 / PRNewswire / – Lument announced the closing of a $ 35.6 million United States Department of Agriculture (USDA) Community Facilities (CF) loan to fund the construction of the Care Rehabilitation and Wellness Services Center, a 240-bed skilled nursing (SNF) facility. Situated in Bellefonte, Pennsylvania, the new SNF will replace an existing 240-bed facility that was deemed unsuitable for major renovations due to its age and location.

Miles kingston, Principal at Lument, worked with Complete Healthcare Resources Eastern (CHRE) to develop and execute the fundraising strategy. CHRE is an experienced management company that has been managing and operating the Care Center since 2013, and currently operates 20 facilities in Pennsylvania and Maryland with nearly 4,000 beds at all levels of acuity.

The first step in the process was to organize the financing of the construction through a $ 35.6 million First National Bank bridging loan. Once construction was completed, Lument facilitated the closure of the $ 35.6 million USDA CF direct loan to repay construction finance and install a permanent debt structure with a low fixed interest rate and a term of 36 years.

“CHRE has been working on this strategy for several years and we were delighted to work with them to bring this deal across the finish line,” said Lument’s Kingston. “Most importantly, the residents of Center Care are now able to reside in a state-of-the-art community that truly meets their needs and is a huge improvement over the previous facility.

“We couldn’t be more excited to bring our residents into Center Care’s new and improved community,” said Todd wagner, vice-president, financial management and business development at CHRE. “Staff and residents showed patience and courage as they endured the challenges of COVID in the old building. Now they are able to move into a brand new facility and overall things seem to be moving in a positive direction. enjoy the restaurant style dining experience in their new home. “

The new central care community includes separate specialist quarters with housing for 30 memory support residents, 30 residents in a high acuity wing, 60 residents in acute rehabilitation and private apartments, and 120 long-care residents. traditional duration. Future plans include the addition of an assisted living memory care community as well as the addition of low-rental housing on campus.

About 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 a combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized investment solutions for investors in multi-family housing, affordable housing, residential housing elderly and health care real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA and USDA lender. Additionally, Lument offers a suite of proprietary commercial lending, investment banking and investment management solutions. Lument has around 600 employees in more than 25 offices across United States. Securities, investment banking and advisory services are provided through OREC Securities, LLC, d / b / a Lument Securities, member of 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 advisor with the US Securities and Exchange Commission. For more information visit www.lument.com.

MEDIA CONTACT
Michael ratliff | Marketing director
212-588-2163 | [email protected]

SOURCE Lument

Related links

http://www.lument.com


Source link

About Francis Harris

Check Also

Grow Finance and GetFish topped AFR 2021 Quick Lists

Participants in both categories are required to provide three full years of income data and …

Leave a Reply

Your email address will not be published. Required fields are marked *