Lument Securities recently closed a $22.8 million bond placement through the 142(d) program, which allows for-profit developers to obtain tax-exempt debt so long as their project meets certain income requirements. The financing gives the borrower, in this case South Carolina-based Whitehall Senior Living, higher leverage, non-recourse debt, with a fixed rate. That allows them to allocate more equity to other projects. Kevin Oakley, director for Lument in the Southeast, led the transaction. The new community will feature 87 units of independent living, assisted living and memory care services. Upon opening, Phoenix Senior Living will then operate it.
Lument Provides Financing for IL/AL Community in South Carolina
