NEW YORK, NY — Lument has announced the closing of a $41.5 million Freddie Mac loan to refinance Hillcrest Country Estates Grand Lodge, an upscale senior living community in Papillion, Nebraska. Set on Hillcrest Country Estates’ 44-acre campus which offers the full continuum of care, Grand Lodge was built in 2015 and features 102 independent living apartments and 60 assisted living and memory support apartments. Quintin Harris, managing director and head of Lument’s Midwest seniors housing and healthcare team, spearheaded the transaction along with Doug Harper and Casey Moore, managing directors at Lument.
“There are many seniors housing and care providers that we are proud to call clients, and the phenomenal team at Hillcrest Health Systems is certainly one of them,” said Harris. “We have helped Hillcrest with FHA and Fannie Mae financings in the past, and we were thrilled to help them benefit from historically low interest rates with this Freddie Mac refinance.”
The non-recourse Freddie Mac loan features a 10-year term and 30-year amortization. The successful closing refinances existing bank debt and provides cash-out proceeds.
“We appreciate the opportunity to again provide agency financing for the Hillcrest Health Systems team and project owners,” said Harper. “With low-cost, non-recourse permanent agency financing in place, the Hillcrest Health Services team can focus on what they do best — providing high-quality care and housing for aging adults in Nebraska across the entire acuity spectrum.”
Hillcrest Health Systems was founded in 1989 with a goal of delivering a full continuum of health services with seamless transitions across care levels as residents age. Hillcrest offers skilled nursing, post-acute rehabilitation, outpatient therapy, independent living, hospice, assisted living, memory support, home care, in-home personal care and telemedicine for more than 1,700 aging adults every day at its seven locations across Nebraska.
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument 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, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. For more information, visit www.lument.com.