With a maturing mortgage looming, the owners of a recently expanded assisted living/memory care community in Evansville, Indiana decided to refinance with the help of Mario Wilson and Bill Janis of Helios Healthcare Advisors. Originally purchased in 2012, the community underwent a complete renovation and re-opened in 2015 as Evansville’s first stand-alone memory care community. Shortly after lease-up, ownership decided to then add traditional assisted living units and services.
However, their first mortgage was set to mature, and with an incomplete expansion project, the owners needed a short-term refinance solution. So, Helios arranged a 24-month, interest-only loan that took out the existing mortgage and partnership debt, funded FF&E purchases and also provided working capital. The transaction closed within 45 days of engagement.
