New York, NY — May 24, 2024 — Lument announced the closing of a $9 million bridge loan, which was funded directly from Lument’s balance sheet, to finance The Cottages Assisted Living and Memory Care, a portfolio of three properties in the Boise area: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Rob McAdams, a director based in Denver, led the transaction for Lument.
The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care facilities in Garden City and Meridian, respectively. The loan terms include a two-year term, floating interest rate, and interest-only payments.
“This loan enables us to continue providing an invaluable service to the Boise community—homes that offer comfort and dignity to our senior residents—and positions the company for a bright and successful future,” said Mark Maxfield, owner and CEO of The Cottages.
Once performance at Alpine Meadows has stabilized, Lument will take all three properties to the U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) loan program as one scattered site loan to create a larger base of beds and diversify the operational risk across buildings.
“Lument was able to provide a debt solution to finance the acquisition of a community that is facing operational challenges,” said Lument’s Rob McAdams. “The borrower will now have the opportunity to take ownership, implement their operational model, improve performance, create value for the company, and most importantly, provide quality care and housing for local seniors.”
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 https://www.lument.com/.
