BMO Harris Bank’s Healthcare Real Estate Finance group has been busy lately closing credit facilities for senior living clients. The first transaction saw the bank close a $59.4 million facility for LCS’ acquisition of The Clare CCRC in downtown Chicago, Illinois. We profiled the sale in this month’s edition of The SeniorCare Investor, and subscribers can read the story here.
Then, BMO provided a syndicated $75 million senior credit facility for Largo Land Development, LLC and Watermark Retirement Communities to develop a 219-bed independent living/assisted living/memory care community and a 64-unit active adult community in Upper Marlboro, Maryland (Washington, D.C. MSA).
BMO partnered with People’s United Bank and Webster Bank to form the syndicate. Upon completion of the community, Watermark will operate it. The principals that own Largo Land Development, Richard Arnold and Jack Pechter, have over 80 combined years of real estate experience primarily in the Mid-Atlantic region.
