The client was one of the first in its region to build AL....
The non-recourse loan features a floating interest rate and three-year term.
The transaction utilized Fannie Mae's Green Rewards program to great success.
The transaction covers a total of 378 units.
Lument Closes $15.4 Million Bridge Loan for Acquisition and Renovation of Multifamily Community in Texas
The bridge loan features interest-only for the entire term.
The hybrid loan has a 20-year term and seven years of interest-only payments.
The borrower operates 29 SNFs in Ohio, Michigan, Kentucky and Wisconsin.
HUD's new three-year guidance was used, allowing the client to recoup equity.
The skilled nursing portfolio of 18 facilities totals 1,955 licensed beds.
The structure included a $24.3 million USDA Community Facilities direct loan.
Funds for renovations will help the community achieve market rents.
Hope Gardens consists of 1,321 units in Brooklyn's Bushwick neighborhood.