Scott Kavel of Greystone fame has set up his own lending shop at CREATIVCAP, and less than two months since forming the business, he has already closed his first transaction. On behalf of Vista Pointe, an Oregon-based senior living operator, Mr. Kavel arranged $8 million in financing from a life company that featured a seven-year term and an all-in fixed interest rate under 5%.
With the financing, Vista Pointe will be able to enter the Washington State market with a to-be-built, 56-unit senior living community, expected to open in early 2020. CREATIVCAP’s correspondent, GG Finance, also made a small equity investment in the project, adding to its portfolio of equity and mezzanine investments in senior care properties across the country.
What’s next for CREATIVCAP? The firm already has a $49.1 million financing, a mezzanine loan and a couple of co-brokerage listings lined up to close in the next few months. That’s an impressive start.
