An assisted living community in West Palm Beach, Florida is getting renovated and repositioned thanks to financing provided by Israel Discount Bank of New York (IDB Bank). Lisa Silvers structured the $11.0 million loan to also include a future advance of $2 million upon completion of the renovation and subsequent stabilization. With the financing, the borrower, Florida-based Gold Standard of Care, plans to consolidate a number of units into larger floorplans (with higher rents, of course).
Of the total loan amount, about $2.0 million will be for renovations and the remainder will pay off the previous loan on the property. The five-year loan has an interest-only period, and the LIBOR-based floating rate was swapped into a fixed rate for interest rate protection. The community is in a good location near City Place in West Palm Beach. The renovations are expected to bring the community from being more of an “affordable” product to one more fitting with its location.
