TEXAS and WISCONSIN — Lument has closed a series of bridge loans totaling more than $78 million to acquire or refinance four memory care facilities totaling 311 beds in Texas and Wisconsin.
The borrower is Silverado, a large memory care operator with communities throughout California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin.
Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument.
The four loans were underwritten with a 36-month initial term and one-year extension, with earn-outs for each loan and variable interest rates. The deal also positions Silverado for permanent financing through HUD following the bridge loans.
The total acquisition loan amount, including initial principal and earn out, was $18.6 million to acquire Barton Springs, a 56-bed facility in Austin, Texas. The three refinanced loan amounts for initial principal and earn-out include $21.1 million for Hermann Park, an 80-bed facility in Houston, Texas; $22.5 million for North Shore, an 84-bed facility in Glendale, Wisconsin; and $15.7 million for Southlake, a 91-bed facility in Southlake, Texas.