The U.S Department of Agriculture is investing $156 million next fiscal year into funding healthcare-related improvements through the department’s Community Facilities Direct Loan program. The program has supported long-term care facilities in the past.
“USDA Rural Development programs and services are in a unique position to help rural communities facing challenges caused by the pandemic,” USDA Deputy Under Secretary for Rural Development Justin Maxson stated in a Lument press release. The investments, he said, will “spur community development and build sound infrastructure like hospitals and medical facilities to help rural America build back better and stronger.”
In fiscal year 2021, the program funded 41 projects across the country. Among them, Lument facilitated a transaction last year that built Fieldstone of DeWitt, a 91-unit campus in eastern Iowa that will include assisted living, memory support, short-term rehabilitation, and skilled nursing. Funding for the project was derived via a $19.33 million USDA CF direct loan and $2.5 million commercial bank loan.
“Key benefits of the USDA CF structure include the 40-year term and amortization, as well as the low, fixed interest rate,” Quintin Harris, managing director at Lument, said in a press release.