OSWEGO, N.Y. — Lument has provided $8.3 million in HUD financing for Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse.
The transaction represents a refinancing via the FHA Sec. 232/223(f) program.
The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Lument helped ownership structure a bridge loan in 2017 that consolidated construction debt and positioned the facility for a HUD/FHA refinance. The new loan paid off the existing bridge loan and reimbursed the borrower for previous capital expenditures.
The loan features a fixed interest rate and 35-year term. Miles Kingston, vice president in Lument’s Philadelphia office, led the transaction.