GUILFORD, Conn. — Lument has provided an $18.9 million HUD refinancing for The Guilford House, a 96-bed assisted living and skilled nursing facility in Guilford, a coastal town 15 miles east of New Haven.
The closing refinances a blended-rate loan from 2019 provided by Lument to fund an expansion of assisted living units and services. Aaron Becker, head of seniors housing and healthcare production for Lument, led the transaction.
“This refinance marks the culmination of a successfully implemented plan that expanded the community’s scope of services and positions it for continued long-term success,” says Becker.
The Guilford House is an individually owned and operated facility managed by the Moffie family. The Moffies acquired the facility in 2002, when the original building was a 60-bed skilled nursing facility that required significant renovation and new construction. An FHA loan in 2007 spurred the facility’s renewal and emergence as a 75-bed facility specializing in short-term rehabilitation. In 2019, the FHA program was used again to fund the addition of 21 assisted living units to the existing building.
The $18.9 million loan replaces existing debt with a reduced interest rate and mortgage insurance premium, and provides approximately $110,000 in annual debt service savings.