DEWITT, Iowa — Lument has arranged a $21.8 million loan via the U.S. Department of Agriculture’s Community Facilities (CF) Direct Loan program to fund the construction of Fieldstone of DeWitt, a 91-unit seniors housing campus.
Located in eastern Iowa, the community will consist of a 70-bed replacement skilled nursing facility, of which 16 units will provide dementia care and 21 units will provide assisted living care. Previously, the community was attached to a hospital.
The new skilled nursing beds will be located in four cottages, each with its own common area, centralized dining, serving kitchen and family room. The cottages will be connected via a centralized area to the assisted living community.
Benefits of the USDA CF transaction include the 40-year term and amortization, as well as the fixed interest rate. Lument was able to obtain competitive construction period interest rates with no prepayment penalties at 100 percent loan-to-value (LTV) ratio.
Quintin Harris, managing director, and Adam Walter, vice president, led the transaction for Lument.