DECATUR, Ill. — Lument has funded a $9.6 million HUD-insured loan for Eagle Ridge of Decatur, a 113-unit affordable assisted living community in Decatur.
The borrower is Gardant Management Solutions, which used the FHA Section 232/223(f) refinancing program.
Brett Murphy, director in Lument’s Chicago office, led the transaction. The financing paid off a short-term bridge loan, replacing it with non-recourse debt at a fixed interest rate with a 35-year term.
Gardant, a repeat client of Lument, is one of the largest operators of assisted living in the Midwest and an industry leader in providing affordable assisted living through select state Medicaid waiver programs.
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