Dealmaker: Lument Closes $30M in Seniors Housing, Multifamily Transactions

Lument, New York, closed $29.5 million for seniors housing and multifamily properties in Fort Wayne, Ind. and Denver.

In Indiana, Lument Managing Director David Boitano arranged a $12.7 million FHA Sec. 232 note modification to refinance existing indebtedness at Park Place Senior Living, a 172-unit seniors housing community.

Park Place Senior Living has 158 assisted-living beds in 132 units and 40 dementia care beds/units. Maryland-based real estate investment trust Sabra Health Care owns the facility.

“The FHA seniors housing note modification program proved to be an ideal solution that allowed us to reduce Sabra’s interest rate and improve cash flows with minimal time and financial investment,” Boitano said.

Park Place was constructed with FHA funding in 2009. FHA note modifications, which are only available to the lender that currently services the loan, allow the borrower to maintain the existing FHA loan and adjust it to lower the rate and monthly payment. Other terms, such as the original 30-year term and maturity date, remain unchanged.

In Colorado, Lument closed a $16.8 million Fannie Mae Delegated Underwriting and Servicing loan when Edgemark, Oak Brook, Ill., acquired Residences at Franklin Park, a 92-unit affordable multifamily community. Director Timothy Hoppin led the transaction.

“The sponsor was able to secure a new 20-year Housing Assistance Payment contract that will help the community maintain safe, comfortable and affordable housing,” Hoppin said.

The Residences at Franklin Park dates to 1972 with a 2011 renovation.