Rhode Island Senior Community Lands $46M Refi

Lument provided the funding for the 156-unit community.

Tockwotton on the Waterfront. Image via Google Street View

Tockwotton Home Inc., a nonprofit company, has secured $45.9 million in refinancing for the 156-unit Tockwotton on the Waterfront in East Providence, R.I. Lument provided the FHA Sec. 232/223(a)(7) loan.

The FHA 223(a)(7) loan refinances an existing FHA 232/223(f) 35-year loan with a low, fixed interest rate, which the owner had secured in 2016, Lument’s Senior Managing Director Aaron Becker said in prepared remarks. The lender was able to lower Tockwotton’s interest rate to generate nearly $250,000 in annual debt service savings.

Tockwotton improved its occupancy rate over the past year, with the assisted living component’s occupancy rate growing by 15 percent since May 2021. The skilled nursing units are 100 percent occupied, bringing Tockwotton’s overall occupancy to 86.5 percent.

The community offers 52 skilled nursing beds, 73 assisted living units and 31 memory care units. Tockwotton also offers short-term rehab and respite stays.

Located at 500 Waterfront Drive, the property is less than 3 miles southeast of downtown Providence and less than half a mile east of Bold Point Park. Several dining and retail options are available within a 2-mile radius.

In June 2021, Lument originated a $15.5 million Fannie Mae loan for the refinancing of Redbird Trails, a 252-unit affordable community in Dallas. This refinancing cut off a full-percent interest rate, from 4.4 percent to 3.44 percent.

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