Orix Real Estate Capital may be making some big moves of late, highlighted by its acquisition of Hunt Real Estate Capital, but it hasn’t stopped them from getting back to business closing transactions. Rob McAdams of Orix affiliate Lancaster Pollard Mortgage Company recently helped Mission Senior Living refinance one of its newest senior living communities.
Opened in 2018 in Yuma, Arizona, the community features 56 assisted living units, with a mix of studio, one- and two-bedroom options, and 32 private and semi-private memory care units. Amenities include a bistro and coffee bar, movie theater, concierge, barber shop, beauty salon, wellness center, and a private office for visiting physicians. Outdoors, there are landscaped courtyards, raised garden beds, and cooling misters situated around the property.
To refinance existing debt and provide equity with an earn-out that allows the borrower to extract additional cash upon reaching certain performance metrics, Lancaster Pollard structured a $12.7 million bridge loan. The transaction allowed the borrower to maximize their potential permanent debt when the time comes to refinance through an agency.