Lument Closes $26.8M Freddie Mac Refinance for 143-Unit Senior Housing Community in Ogden, Utah

Lument has closed a $26.8 million Freddie Mac Seniors Housing loan to refinance Treeo South Ogden, a 143-unit independent living community in Ogden, Utah, the firm announced March 26, 2026. The transaction retires existing bank debt and generates cash-out proceeds earmarked for a capital expenditure plan and future development at the property.

Transaction Details and Financing Structure

The Freddie Mac loan carries a 10-year term with five years of interest-only payments, followed by a 30-year amortization schedule, at a fixed interest rate. The specific rate was not disclosed. Lument managing directors Tyler Armstrong, Chris Cain, and Taylor Russ led the transaction on behalf of the borrower.

"Lument provided Leisure Care with multiple capital markets executions to refinance this stabilized community," Armstrong said in the announcement. "We ultimately executed the best strategy for low, fixed-rate long-term debt that funds a capex plan, extends the loan maturity, and right sizes the capital stack."

Dan Madsen, chairman and CEO of Leisure Care, acknowledged the outcome. "The team at Lument, led by Tyler, Taylor, and Chris, delivered what we expected — best-in-class execution on strategic financing tailor-made for our goals," Madsen said.

About Treeo South Ogden and Leisure Care

Treeo South Ogden is a purpose-built independent living community located approximately 30 miles north of Salt Lake City. The property opened in 2015 and was recognized as the best independent living community by U.S. News and World Report in 2025, according to the announcement.

The community is owned and operated by Seattle-based Leisure Care, a privately held retirement and assisted living company with 39 communities across 15 states. Lument described the property as stabilized at the time of the refinancing, though specific occupancy figures were not disclosed.

About Lument

Lument is a subsidiary of Orix Capital Corporation and operates as a national commercial real estate financing firm. The company provides capital solutions for investors in multifamily real estate, affordable housing, and seniors housing and healthcare properties. Its financing products include Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet loan options. Securities, investment banking, and advisory services are offered through Lument Securities LLC.