NEW YORK, Feb. 4, 2021 /PRNewswire/ -- Lument, a national leader in commercial real estate finance, recently provided a $28 million refinancing via the Fannie Mae Seniors Housing program for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, California operated by Senior Resource Group. Doug Harper, Managing Director and Co-Lead of Lument's western region seniors housing and healthcare production team, led the transaction.
"Senior Resource Group is a top-tier owner and operator of some of the finest luxury seniors housing communities in the country," said Harper. "It is once again a pleasure to work with Senior Resource Group and their equity partners, Collins Development Company, to refinance La Vida Del Mar. We were happy to help the borrower obtain beneficial long-term financing from Fannie Mae that lowers their cost of capital and further improves net cash flow."
Senior Resource Group, a repeat client of Lument, has over 30 years of experience and operates 32 assisted living (AL), independent living (IL), and memory care (MC) communities throughout the nation. La Vida Del Mar has a prime location near the coast and offers ample country club-style amenities for its residents.
The loan features a 10-year term, five years of interest only, and 30-year amortization. In addition to refinancing existing debt, the closing provided substantial cash-out proceeds.
About Lument 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.