Lument Securities Advises on Sale of Miami Retirement Community
New York, NY — Lument Securities recently served as exclusive financial advisor to the board of directors of nonprofit Epworth Village Retirement Community— the owner of a campus near Miami, Florida that offers the complete continuum of care—on the sale of the business to a private joint venture partnership. Managing Director and Head of M&A Laca Wong-Hammond and Associate Director Dominic Porretta led the transaction for Lument Securities.
The transaction, which closed on March 31, 2023, allowed the Epworth Village board of directors to achieve its goal of completing an outright sale of business operations for the entire campus at a price that exceeded expectations. The board of directors will use the proceeds to form a charitable foundation to continue its mission.
“From the moment we engaged Laca and her team, we felt our objectives were not only heard but honored. Through numerous meetings, she educated us on the marketplace and potential investors, negotiated terms, built consensus, and executed,” said Rev. Ruben Velasco, chairman of the special committee of the board of directors. “We are delighted with the ultimate result.”
Lument was able to maximize sale proceeds by highlighting the strength of the community, including the campus’ reputation, location, continuum of care, strong occupancy, and historical financial performance. Further, Epworth Village utilized no agency staffing. As a result of the highly competitive sale process, Lument procured nine letters of intent.
“Lument worked tirelessly to make sure our legacy in the local community would persist after the sale by vetting each party and guiding us throughout the process, including negotiating the retention of our loyal staff,” said Executive Director Madelyn Simon Lozano.
Originally founded in 1948 as The Biscayne Home for Women, Epworth Village Retirement Community has deep roots in the Miami area, providing care to area seniors for 75 years. Located in Hialeah, Florida, approximately 13 miles northwest of downtown Miami, the campus consists of Epworth Village, a 290-unit independent and assisted living community, and the Susanna Wesley Health Center, a 120-bed skilled nursing facility that is five-star rated by the Centers for Medicare & Medicaid Services.
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS®, Freddie Mac Optigo®, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States. Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit www.lument.com.