Lument announced the closing of a $9 million bridge loan, which was funded directly from Lument’s balance sheet, to finance The Cottages Assisted Living and Memory Care, a portfolio of three properties in the Boise area: Alpine Meadows, The Cottages of Boise and The Cottages of Lochsa Falls. Rob McAdams handled the transaction.
The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living community in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care communities in Garden City and Meridian, respectively. The loan terms include a two-year term, floating interest rate and interest-only payments.
Once performance at Alpine Meadows has stabilized, Lument will take all three properties to HUD as one scattered site loan to create a larger base of beds and diversify the operational risk across buildings.
