Chris Honn of Regions Bank’s Healthcare Real Estate Group worked on behalf of an Ohio-based private owner to close a $16.8 million bridge loan with a floating interest rate and two-year term. The loan is also interest-only for the entire term, until maturity, when Regions plans to provide an agency refinance. The owner repaid construction debt with the transaction, in addition to getting cash out.
They opened the 103-unit assisted living/memory care community in suburban Cleveland in the fall of 2018. It is already 65% occupied, but the interest-only payments should help the owner during the remaining lease-up period.
