Lument closed four bridge loans totaling more than $78 million to acquire and/or refinance four memory care communities totaling 311 units in Texas and Wisconsin. Managing Directors Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument.
The deal’s sponsor was Silverado, a large and experienced owner/operator of dedicated memory care communities in California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin.
Silverado had been managing Barton Springs, a 56-unit community in Austin, Texas, and was able to acquire the property with an $18.6 million loan (which includes the initial principal and an earn out). Lument also secured $21.1 million in financing for Hermann Park, an 80-unit community in Houston, Texas, a $22.5 million refinance for North Shore, an 84-unit community in Glendale, Wisconsin, and $15.7 million for Southlake, a 91-unit community in Southlake, Texas.
The four loans were underwritten with a 36-month initial term and one-year extension, with earnouts for each loan and variable interest rates. The deal also positions Silverado for permanent financing through HUD.
