New York, NY – Lument Securities (Lument) recently advised Sherer Management, a multi-generational seniors housing and care owner and operator in Iowa, on the sale of two businesses as well as their exit from the industry.
Sherer Management is a family-owned business that operated continuing care retirement communities in western Iowa, Rose Vista in Woodbine and Longview Home in Missouri Valley, which offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The businesses, operated by the company for over 60 years, have built a strong reputation of quality care in the local community.
“The decision to sell our family business was very difficult and emotional, but we are confident this was the best path forward,” said Noel Sherer, president of Sherer Management. “Lument was an outstanding partner in facilitating this transition, and they stuck with us through extraordinarily difficult circumstances, such as the effects of COVID-19. The Lument team exceeded our expectations in every way and provided the hands-on support and attention to detail we needed every step of the way.”
Lument ran a targeted marketing process and assisted the sellers in navigating multiple factors impacting the process, including COVID-19. A regional operator partnered with a private capital provider to purchase the businesses. Terms of the transaction were not disclosed.
Kevin Laidlaw and Dominic Porretta led the transaction for Lument Securities, which served as exclusive financial advisor to Sherer Management in connection with the transaction. Dorsey & Whitney served as legal counsel to Sherer Management.
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.