Shortly after its founding earlier this year by Greystone-alum Scott Kavel, Creativcap showed off some impressive variety in its three latest transactions, helping close a life company loan, a mezzanine loan and bridge financing.
First, Creativcap was the exclusive correspondent for a $6 million mezzanine loan that is funding the construction of an 87-unit assisted living/memory care community in Roseville, California. GG Finance, an entity affiliated with Creativcap, provided the loan.
Then, to Elgin, Illinois, where the owner of a three-year old AL/MC community refinanced an existing bridge loan from a bank with a new $20 million, fixed-rate loan provided by a life insurance company. Creativcap again acted as correspondent.
Finally, a large senior living community in Apex, North Carolina, that has undergone several expansions in recent years refinanced its construction debt with the help of Mr. Kavel. Originally built with 85 units in 2011, the community filled up quickly and thus expanded with an additional 36 units in 2013. After another short stabilization period, the owners decided to add another 42 units in August 2014 (which again filled up in just 10 months) and 54 more units after that.
Those last units received their Certificate of Occupancy two weeks ago and are already about 50% occupied. Someone has been doing their due diligence. To take out the construction lender, Creativcap, through its correspondent relationship with Greystone, facilitated a $54.5 million floating- rate loan that permanently refinances the community before stabilization.
