New York, NY — December 16, 2022 — Lument announced today that it closed a $6.1 million proprietary bridge loan to facilitate the acquisition of two assisted living (AL) communities in Florida totaling 90 units. Innovation Senior Living, a middle-market provider founded in 2016, acquired Savannah Court of Lake Wales, a 45-bed AL community, and Savannah Court of Haines City, a 45-bed AL community. Casey Moore, Conner Girdley, and Chris Mauger led the transaction for Lument. The seller was represented by Lument’s M&A team, led by Laca Wong-Hammond and Dominic Porretta.
Following the acquisition, Innovation Senior Living plans to add 15 licensed beds to each community, grow overall census, and complete renovations such as replacing the roofs and installing new lighting. Both communities serve low-income seniors via reimbursements from Medicaid waivers. The additional licensed beds will allow the communities to accept more Medicaid waiver residents into double occupancy rooms, increasing revenue without adding units.
The two communities were acquired with a single loan with a cross-pool structure, which offers the benefits of maximum debt allocation flexibility on future HUD/FHA loans and the ability to spread risk across two facilities. It is expected that HUD/FHA will provide the permanent debt structure.
The loan features a low, fixed rate and a two-year term, with interest only for the length of the term.
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, real estate investment sales, investment banking, and investment management solutions. Lument has approximately 600 employees in over 25 offices across the United States. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.