Lument closed a $15 million HUD loan to refinance Alliance Health at West Acres, a 130-bed skilled nursing facility in Brockton, Massachusetts. Aaron Becker, head of seniors housing and healthcare production at Lument, led the transaction. The facility was substantially renovated in 2017 using bank debt with recourse, which the HUD loan effectively replaces as non-recourse permanent debt. It comes with a 35-year term and a low, fixed interest rate.
Alliance Health at West Acres was originally built in 1965 and consists of one two-story building featuring 116 semi-private beds and 14 private beds. Its not-for-profit owner, Alliance Health, owns and operates seven communities consisting of 807 skilled nursing and 54 residential care beds. Lument had collaborated with Alliance on over 10 transactions in the past, so the working relationship remains strong.
