NEW YORK, NY — Lument has announced the closing of a $12.3 million bridge-to-agency loan for Market Street East Lake, a 64-unit memory care community developed by Watercrest Senior Living. The bridge loan refinances construction debt and positions the property for permanent agency financing. Steve McGee, managing director at Lument, led the transaction.
“Watercrest’s memory care services are world class, and we were excited to partner with them and help position their latest Florida community for long-term success,” said McGee, an industry veteran who joined Lument in 2020 to head its debt syndication group.
The bridge loan features a floating interest rate, five-year term with 12 months of interest only, and a loan-to-value (LTV) below 70%. Lument collaborated with Live Oak Bank to arrange the financing.
“We are thrilled to have established new relationships with both Lument and Live Oak Bank,” said Joanie Williams, chief financial officer (CFO) and co-founder of Watercrest. “Both stepped up and provided us with an excellent bridge-to-permanent loan for one of our Florida signature Market Street Memory Care communities during very challenging times in our industry. It was a pleasure working with them and we look forward to doing more transactions together.”
Market Street East Lake, which opened in March 2018, features dedicated dementia specialists and individualized service plans designed for each resident’s unique needs and preferences. The community’s location in Tarpon Springs, Florida, offers ample benefits to the residents, near a historic district with a vibrant cultural scene.
With the addition of Market Street East Lake, Watercrest manages 13 communities in Florida, Georgia, South Carolina and Virginia, totaling approximately 1,300 units. Watercrest also has several projects under construction or in the predevelopment stages.
About Lument
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.
