Lument has sprung into spring, following up its arranging of bridge debt for a recently built senior living community in Florida with another refinance of an assisted living community in upstate New York. This transaction, however, involved HUD and featured an $8.3 million loan with a 35-year term. Miles Kingstone led the transaction, which reimbursed the borrower for previous capital expenditures and also took out a bridge loan that Lument originally helped secure in 2017 for the family owner/operator to purchase the property.
Formerly a skilled nursing facility, the building was vacant until Joseph Murabito of Morningstar Care Center acquired and substantially renovated it in 2016 and 2017, respectively. It now features 106 assisted living units. That bridge loan consolidated construction debt and also positioned the property for an eventual HUD refinance, which Lument obliged.
