Lument closed several financings for SanStone Health & Rehabilitation, which operates 18 skilled nursing/rehab facilities across North Carolina. The debt was secured on three properties that SanStone had acquired in 2020, thanks to bridge financing also arranged by Lument.
Those three facilities were Wilkes Health & Rehabilitation, a 97-unit, 130-bed skilled nursing facility in North Wilkesboro, Hickory Falls Health & Rehabilitation, a 70-unit, 120-bed SNF in Granite Falls, and Wilkes Assisted Living, a 102-unit assisted living community in Wilkesboro. The original acquisition debt also included funds for repairs and the opportunity to recapitalize once performance and value improvement hurdles were met.
Fast forward to today, and Kevin Oakley, a director with Lument covering the Southeast, arranged $46.3 million in debt to refinance the properties. That included two HUD loans totaling $39.5 million and one bridge loan for $6.8 million. The HUD loans carry 35-year terms.
