NEW YORK—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, Calif., 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, independent living, and memory care 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 lument.com.
