FEDERAL WAY, Wash. — Lument has provided a $21.5 million loan for the refinancing of a seniors housing community located in Federal Way, roughly 25 miles south of Seattle.
Village Green of Federal Way totals 170 units, with 136 assisted living units and 34 independent living cottages.
Casey Moore of Lument arranged the Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 232/223(f) loan on behalf of the borrower, a family-owned company. The loan features a fixed interest rate and 35-year term.
“Lument was able to help us navigate a pending loan maturity by guiding us through the HUD Express Lane, saving valuable time and facilitating a fantastic outcome,” said Monte Powell, owner of Village Green, in a statement.