New York, NY — May 23, 2023 — Lument announced today the closing of a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living (AL) community located in Portland, Oregon. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument.
The bridge loan refinances outstanding debt, provides earn out proceeds, and positions Arcadia for a U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) refinance.
Built in 2019, Arcadia Senior Living is managed by Avant Senior Housing & Consulting, LLC. Arcadia is owned by a partnership, whose principal, Kelvin Ng, represented the borrower in this transaction.
“Lument’s proprietary bridge loan proved to be an ideal solution, as it allowed us to accomplish our two main goals,” said Ng. “The loan allowed us to consolidate existing debt and partner equity into one senior loan. With the earn out structure we will also be able to maximize proceeds for a permanent long-term financing via HUD once the community achieves stabilized performance.”
About Lument
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.
