New York, NY — November 19, 2025 — Lument Securities has announced the sale of four West Virginia-owned long-term care communities with a total of 511 beds for $140 million to Marx Development Group (MDG). MDG subsidiary Majestic Care is taking over operations at the communities, with patient care going uninterrupted throughout the process.
The transaction closed on October 31. Lument Securities, led by Managing Director and Head of Mergers & Acquisitions (M&A) Laca Wong-Hammond, orchestrated the sale on behalf of its client, the state of West Virginia.
“Being selected by a state government to serve as its sell-side M&A advisor is truly an honor,” said Wong-Hammond. “We were trusted to not only deliver a sale price that exceeded expectations, but also ensure continuity of care and employment, as well as obtain funds for reinvestment into local communities. We’re proud to say this outcome delivered on all fronts.”
Lument led an extensive marketing campaign to investor groups with operational expertise. The result was an active bidding environment, as over 140 parties indicated interest, 62 moved forward to signing non-disclosure agreements (NDAs), and nearly a dozen parties submitted letters of intent. MDG was selected due to its strong track record, in-house operator Majestic Care, and ability to serve as a vertically integrated developer with the expertise and capital to construct new communities.
“This marks an important milestone in our work to strengthen healthcare services and modernize the state’s operations,” Governor Morrisey said in a press release. “West Virginia patients can look forward to enhanced care, modernized facilities, and a commitment to quality care. This is another step forward in improving care outcomes for our patients while protecting taxpayer dollars.”
The $60 million upfront payment includes the Hopemont Hospital in Terra Alta, Jackie Withrow Hospital in Beckley, John Manchin Sr. Health Care Center in Fairmont, and Lakin Hospital in West Columbia. In addition to funding the purchase, the closing provides for a minimum of another $80 million which MDG has committed to using for the construction of three to five new long-term care communities in the coming years. As a result, the total consideration for this initiative aggregates to $140 million. To benefit all of West Virginia’s local economies, MDG is committed to prioritizing use of local labor and materials wherever possible.
“Throughout his administration, Governor Morrisey has been instrumental in supporting strategic actions and economic initiatives that increase the efficiency of State government, provide economic opportunities for local communities, and improve the quality of life for the citizens of West Virginia,” added Michael J. Caruso, Cabinet Secretary for the Department of Health Facilities. “The sale of the long-term care facilities is the perfect amalgamation of those goals, representing an unprecedented opportunity for the State.”
Lument Securities has closed over $14 billion in M&A transactions, with a focus on guiding clients through all aspects of the process, from strategy formation, transaction structuring and valuation, to ultimately sales execution.
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 offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet financing, as well as a full suite of capital market lending products. In addition, Lument provides a suite of real estate advisory solutions including real estate investment sales, investment banking (M&A), and investment management solutions. The company has approximately 500 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/.
