BROCKTON, Mass — Lument today has provided a $15 million HUD Sec. 232/223(f) loan to refinance Alliance Health at West Acres, a 130-bed skilled nursing facility (SNF) in Brockton, approximately 20 miles south of Boston.
Alliance Health owns and operates seven communities consisting of 807 skilled nursing and 54 residential care beds. Alliance Health at West Acres was originally built in 1965 and consists of a two-story building featuring 116 semi-private beds and 14 private beds.
The community was substantially renovated in 2017 using bank debt, which the $15 million FHA loan effectively replaces as permanent debt. The FHA loan features a 35-year term and a low, fixed interest rate.
Aaron Becker, head of seniors housing and healthcare production at Lument, led the transaction.
“This successful closing positions Alliance well, as it replaces recourse debt with nonrecourse, fixed-rate debt, and frees cash from a collateral reserve fund to help the nonprofit organization support its mission of providing exceptional personalized nursing and rehabilitation care,” says Becker.