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FORT WAYNE, Ind. — Lument has provided a $12.7 million FHA Sec. 232 note modification to refinance the existing debt on Park Place Senior Living, a 172-unit seniors housing community in Fort Wayne.
David Boitano, managing director for Lument based in Seattle, led the transaction. The borrower is Sabra Health Care REIT.
Park Place Senior Living consists of 158 assisted living beds in 132 units and 40 memory care beds/units. Traditions Management operates the community.
“The FHA seniors housing note modification program proved to be an ideal solution that allowed us to reduce Sabra’s interest rate and improve cash flows with minimal time and financial investment,” says Boitano.
Park Place was originally constructed in 2009 with FHA funding.