Bank Leumi provided a couple of Florida financings for owners of assisted living communities. First was a five-year $9.3 million acquisition loan provided to a South Florida-based owner/operator, Priority Life Care, to purchase two senior living properties in western Broward County. The Margate community features 111 licensed beds along with memory care services, while the Davie community is smaller, with just 20 beds. They join Priority’s existing portfolio of seven properties in Florida and 11 properties in seven other states.
Bank Leumi also provided a $4.8 million, three-year term loan to refinance a 75-bed assisted living community in Orlando, Florida. The borrower, a Florida-based regional owner/operator, was able to lower its interest rate and also recapture equity to fund a 20-bed expansion at the community. Leumi’s Hely Santeliz arranged both transactions.