Chicago & Midwest + Midwest + Finance | July 26, 2022

Lument arranged $87 million in HUD/FHA financing for a portfolio of nine skilled nursing facilities across three Midwestern states

Lument Arranges $87M Refi for Midwest SNF Portfolio

Lument closed an $87-million facility via the HUD/FHA Section 223(f) program to refinance nine skilled nursing facilities totaling 691 beds in Ohio, Michigan and Wisconsin. Managing director Brad Competty led the transaction for Lument.

The operator, Columbus, OH-based Atrium Centers Inc., is a provider of short-term post-acute rehabilitation and long-term nursing care. Atrium operates 29 SNFs in Ohio, Michigan, Kentucky, and Wisconsin with more than 2,000 total beds.

“To maximize benefits for Atrium, we started with a thorough trend analysis that identified nine properties that had remained stabilized throughout the pandemic and were ready for HUD financing,” said Competty. “We quickly built out the HUD applications and then worked closely with Atrium to navigate the underwriting and closing process.”

Ultimately, Lument was able to obtain low, fixed interest rates on all nine loans before the recent significant uptick in rates.

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Lument's Competty

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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