New York, NY–May 14, 2024 – Lument Securities recently advised Summit View of Rocky Top LLC, on its sale to Core LTC Services, a private long-term care operator based in Tennessee. Managing Director and Head of M&A Laca Wong-Hammond and Senior Associate Isabel Carta led the transaction for Lument Securities.
“This transaction is another great example of the power of Lument – a one-stop capital solutions provider,” said Wong-Hammond. “Through seamless coordination of various parties with sometimes conflicting objectives, we were able to navigate transaction nuances and successfully execute in a volatile capital environment.”
Summit View of Rocky Top is a 117-bed skilled nursing facility that offers a broad range of services, including short-term rehabilitation and traditional nursing care, along with an 18-bed behavioral health hospital. It is located in Rocky Top, Tennessee, approximately 25 miles away from Knoxville.
In recent years, Summit View experienced financial and operational difficulties as a result of the COVID-19 pandemic and the lingering effects. Given the continued pressures of maintaining debt service and other loan obligations that became increasingly burdensome, the borrower strategized with Lument Securities and Lument’s asset management team to find an outcome where all sides would benefit.
Lument Securities orchestrated a competitive marketing process that generated significant interest. To accelerate sustainability, Lument suggested an interim manager change with a group that would fund working capital, providing financial relief for the borrower.
Ultimately, Lument Securities closed the sale on May 2, 2024, with a structure that included a loan assumption. Terms of the sale were not disclosed. Lument Securities served as exclusive financial advisor to Summit View of Rocky Top in connection with the transaction.
As a result of the successful sale, Summit View will continue to operate, serving as an important source of care and housing to the aging population in Rocky Top.
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.
