BOISE, IDAHO — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls.
Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument.
The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care facilities in Garden City and Meridian, respectively. The loan features a two-year term, floating interest rate and interest-only payments.
Once performance at Alpine Meadows has stabilized, Lument plans to convert the financing into a HUD scattered-site loan to create a larger base of beds and diversify the operational risk across buildings.