Lument announced the closing of an $18.9 million HUD refinance for The Guilford House, a 96-bed assisted living and skilled nursing facility in Guilford, Connecticut. The transaction refinances a blended-rate loan from 2019 provided by Lument to fund an expansion of AL units and services. Aaron Becker, head of seniors housing and healthcare production for Lument, led the transaction.
The Guilford House is an individually owned and operated facility managed by the Moffie family, a repeat Lument client with decades of experience in the senior living industry. The Moffies acquired the facility in 2002, when the original building was an obsolete 60-bed SNF that required significant renovation and new construction. A HUD loan in 2007 helped the facility get back on its feet as a 75-bed SNF specializing in short-term rehabilitation. In 2019, HUD debt was used again to fund the addition of 21 AL units to the existing building.
The current $18.9 million HUD loan reduced the interest rate and mortgage insurance premium (MIP), and provided approximately $110,000 in annual debt service savings. Lument also obtained a 40-month term extension on the loan.
