KeyBank Arranges Acquisition Financing For New Tulsa Community

Three years after it opened in Tulsa, Oklahoma, an 86-unit assisted living/memory care community sold to an undisclosed buyer. To fund the purchase, Monique Bimler of KeyBank Real Estate Capital arranged a $13 million, or $149,400 per unit, Freddie Mac loan, with a 10-year term and 30-year amortization schedule. Legend Senior Living had developed the community (its third in the Tulsa MSA) in 2014 with 68 AL and 18 MC units. The total development cost was about $13 million, so assuming the refinance was valued at around 70% loan-to-cost, Legend certainly added value to the community, most likely to over $200,000 per unit. Amenities like a theater, private dining room, massage/therapy room and a café, among others, adds to the community’s appeal, and price, as well.

 

 

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