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PHILADELPHIA—Lument recently helped the Gardens by Morningstar complete an $8.3 million refinance via the FHA Sec. 232/223(f) program.

The Gardens is a family owned and operated assisted living community located in Oswego, N.Y. The community consists of 106 assisted living residences and offers select health care services and support for its residents. The property was vacant until 2016, when current ownership acquired and substantially renovated the building.

Lument helped ownership structure a bridge loan in 2017 that consolidated construction debt and positioned the facility for a HUD/FHA refinance. The FHA Sec. 232/223(f) loan, which closed in January 2021, paid off the existing bridge loan and reimbursed the borrower for previous capital expenditures. The loan features a low, fixed interest rate and 35-year term.

Miles Kingston, vice president in Lument’s Philadelphia office, led the transaction.

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. Lument has approximately 600 employees in over 25 offices across the United States. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities. Member FINRA/SIPC. For more information, visit

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