Greystone provided more than $49.4 million in Freddie Mac loans to refinance two assisted living/memory care communities in Carmichael, California and Denver, Colorado. First, Oakmont Senior Living received a $25.15 million loan, with a 10-year fixed rate and 30-year amortization, for its newly constructed 71-unit AL/MC community in Carmichael. Then, Spectrum Retirement Communities obtained a $24.25 million loan to refinance its 97-unit AL/MC community in Denver. The Freddie Mac Capital Markets Execution loan carried a seven-year term and three years of interest-only. Scott Kavel and Cary Tremper led the way for Greystone on these transactions.
Also from Greystone, Mike Garbers and Cody Tremper closed the sale of a British Columbia seniors housing portfolio that was announced back in April. Owned by a private equity group out of Canada, there are two private pay independent living communities with 223 units and six long-term care facilities with 761 beds, including some assisted living beds. They have all either been recently built or remodeled, and occupancy across the portfolio is strong in the high-90s. Cash flow is also stable. Sienna Senior Living was the buyer, paying approximately $201.97 million, or $205,000 per unit.
