LINCOLN, Neb. — Lument has provided a $21.2 million HUD-insured loan for the refinancing of Pemberly Place Senior Living, a community located in Lincoln.
Lument secured a commitment from the Federal Housing Administration (FHA) through its Express Lane program, which was launched last year to expedite the approval of certain low-risk, low-leverage transactions. Quintin Harris and Patrick Roan of Lument originated the financing.
“The Express Lane is the result of HUD listening to lenders and borrowers and making meaningful changes that accelerate transactions,” says Harris. “FHA programs have long offered some of the most competitive terms in the market, and now they pair that strength with enhanced speed and execution certainty, providing a critical advantage in a volatile market.”
The loan features a fixed interest rate and a 35-year term. The borrower will use the loan proceeds to pay off existing bank debt on a construction loan.
Built in 2017, Pemberly Place totals 132 units, with independent living, assisted living and memory care residences.