Lument closes $45.9 million loan to refinance senior housing community in Rhode Island

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NEW YORK, January 18, 2022 /PRNewswire/ — Lument recently closed a $45.9 million FHA Sec. Loan 232/223(a)(7) to refinance Tockwotton on the Waterfront, a 156-unit seniors’ housing and care community in East Providence, Rhode Island. Chairman and CEO Aaron Becker led the transaction for Lument.

“By leveraging our FHA expertise, we were able to significantly reduce Tockwotton’s interest rate to generate nearly $250,000 annual debt service savings, increasing $1.1 million savings originally obtained when we contributed to the previous FHA refinancing in 2016,” Becker said. “The additional cash flow freed up by this transaction will allow Tockwotton to continue its mission of serving residents as a not-for-profit company.

The FHA 223(a)(7) loan refinances an existing FHA 232/223(f) loan with a low fixed interest rate and a 35-year term. In addition to reducing debt service payments, successful closure funds replacement reserves that will ensure the long-term viability of the community.

In the wake of property performance issues following the pandemic, Tockwotton has steadily improved its occupancy rate over the past year, with the assisted living component increasing by nearly 15% since May 2021. On average with the rate With current occupancy of 100% for skilled nursing units, Tockwotton’s overall occupancy is 86.5%.

Tockwotton has 52 skilled nursing beds, 73 assisted living units and 31 memory care units. It is independently owned and operated by the non-profit organization Tockwotton Home, Inc.

On Lument
ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation United States. Lument is a national leader in commercial real estate financing. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, Lument offers a comprehensive set of customized capital solutions for investors in multi-family and affordable housing, retirement 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. 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 United States Securities and Exchange Commission. For more information, visit www.lument.com.

MEDIA CONTACT
Tyler Howard | Associate Director
513-403-1911 | [email protected]

SOURCE Lument

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