Lument announced today that it closed 137 seniors housing and care transactions in 2021 totaling $1.49 billion, a record for the company, representing financings in 31 states. The volume included 18 HUD 232/223(f) transactions totaling $154.4 million, eight HUD 223(a)(7) refinances totaling $114.4 million, two HUD 223(f) refinances totaling $30.5 million, and a new construction loan from HUD for an assisted living community in Illinois. The firm closed deals across the country, with 21 transactions for clients based in Ohio, 17 in Indiana, 12 in Illinois, eight in Virginia, and six each in California, Minnesota and Oklahoma, among others.
In all, Lument also originated 92 rate modifications totaling $828 million. These modifications allow borrowers to maintain their existing HUD loans while reducing interest rates and monthly payments, helping many providers to bounce back from the pandemic.
In late December 2021, Lument provided a $12.7 million note modification at Park Place Senior Living, a 172-unit seniors housing community in Fort Wayne, Indiana, originally constructed in 2009 with HUD financing. Park Place, which is owned by Maryland-based Sabra Health Care REIT, Inc., consists of 158 AL beds in 132 units and 40 memory care beds/units.
Lument also prepared for Providence Place of Pottsville, Pennsylvania a $10 million note modification. The family-owned community offers independent living, assisted living and memory care services in 149 units.
Entering into 2022, the firm closed six more rate modifications in January totaling $31.1 million for three AL and skilled nursing facilities in Ohio, two AL communities in Minnesota, and one AL community in Illinois. The financings included an $8.1 million note modification to Sugar Loaf Senior Living, a 79-unit assisted living community in Winona, Minnesota.
