Just over three years since buying three assisted living communities in Colorado, Middle East-based alternative investment fund manager Arcapita is refinancing them with the help of the team of Stuart Wernick, Jeff Ringwald and Bill Jackson of Walker & Dunlop. Operated by MorningStar Senior Living since opening in 2013 and 2014, the communities were nearly stabilized when they were acquired in December 2015 for a combined $79.5 million, or just over $400,000 per unit.
Two of the communities feature a combination of assisted living and memory care units in Colorado Springs and Centennial, and the third property (also in Colorado Springs) serves exclusively memory care residents. In all, there are 196 units, along with a host of amenities.
Walker & Dunlop arranged three Fannie Mae loans totaling $52.0 million to be fully compliant with Shari’ah law.
