Contemporary Healthcare Capital and Community & Southern Bank announced the first joint closing under their strategic alliance and “uni-tranche” program with a $10.5 million loan for a Pacific Northwest-based seniors housing operator to acquire a 95-unit/116-bed assisted living/memory care community in Ashland, Oregon. The combined loans were valued at about 85% loan-to-cost, translating to an approximate purchase price of $12.1 million, or $127,400 per unit. The borrower also plans to use proceeds of the loan to invest $575,000 in capital improvements, provide initial working capital and pay associated closing costs. The strategic alliance will provide enhanced leveraged financing (including traditional first mortgage and mezzanine loans) for both skilled nursing and seniors housing properties in a cost-effective manner. Industry veteran Steve McGee will lead this new strategic alliance and will transition to Contemporary as Director of Originations for the new platform.
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