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Phoenix & Southwest  + Southwest  + Apartments  | 
Lument secures $31.6M refi for Westminster senior living facility

Lument Provides $31.6M Refi Loan For Denver-Area Rental Community

Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Lument has a long history with Keystone Place, that dates back more than 10 years. It includes acquisition bridge financing, construction financing, mezzanine financing and many FHA-insured loans.

Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022.

The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds.

Lument also helped Keystone get a lock on the rate three months before closing, saving 100 basis points and generating debt service savings. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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