Lument closed a USDA CF loan to fund the construction of a 91-unit senior care campus in DeWitt, Iowa. Two Iowa-based companies, WesleyLife and Genesis Health System, teamed up to break ground on the project at the end of 2020. Featuring 91 total units, including a 70-unit skilled nursing facility (of which 16 units will be for dementia care) and 21 units of assisted living, the community is replacing the 50-year-old SNF on campus that was attached to a hospital. It will operate under the Wellspire brand, which was formed in 2019 as a partnership between WesleyLife and Genesis.
To fund the project, Lument’s Quintin Harris and Adam Walker secured a $21.8 million loan through the USDA CF direct loan program, which came with a low, fixed interest rate and 40-year term. Lument also arranged a two-year interest-only period and no prepayment penalties. The loan was structured at 100% loan-to-value, putting the project’s cost at around $240,000 per unit.
The new SNF beds will be located in four cottages, each with its own common area, centralized dining, serving kitchen, and family room. Those buildings will also be connected via a centralized area to the AL community. Other services and amenities include outpatient therapy, a community room, botanical garden, spa, salon, wellness center, bistro, and administrative and support spaces.
