Charlie Shoop of KeyBank Real Estate Capital has been hard at work arranging two financings from two different agencies. First, through Freddie Mac, Mr. Shoop originated a $26 million loan to facilitate the acquisition of a 175-unit independent living community in Dallas, Texas. The floating-rate loan came with a seven-year term, four-year interest only period and 30-year amortization schedule. Its recipient was Chicago Pacific Founders, which purchased the nine-year old community from Capitol Seniors Housing (CSH) for an undisclosed price.
CSH had originally bought the property in 2016 when it was around 95% occupied and operating well. At the time, CSH had plans to invest in some capital improvements, and Chicago Pacific Founders looks to invest further in the community. Its subsidiary Grace Management will take over operations.
Mr. Shoop then brought his talents to Chapel Hill, North Carolina to originate a $13.5 million Fannie Mae loan for a 60-unit assisted living/memory care community. The community was built in 2015 and will now refinance its debt with the 10-year loan, which featured a fixed interest rate, two years of interest only and 30-year amortization period.