Lument recently closed a $45.9 million HUD loan to refinance an existing HUD mortgage on Tockwotton on the Waterfront, a 156-unit skilled nursing and senior care community in East Providence, Rhode Island. Independently owned and operated by the not-for-profit Tockwotton Home, Inc., it consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. In the wake of property performance challenges following the pandemic, Tockwotton has steadily improved its occupancy rate over the past year. Assisted living occupancy rose by nearly 15% since May of 2021, giving the campus an overall occupancy of 86.5%. They currently boast 100% occupancy rate for their skilled nursing units.
Lument was able to significantly lower Tockwotton’s interest rate to generate nearly $250,000 in annual debt service savings. The additional cash flow will also allow Tockwotton to continue serving residents as a not-for-profit company by funding replacement reserves that will ensure the long-term viability of the community.
