Lisa Silvers, SVP of IDB Bank, headed to the Jacksonville, Florida suburb of Green Cove Springs to refinance a fully renovated assisted living community on behalf of its single-asset owner/operator. Originally built in 1993, the 49-unit community was previously owned by a local doctor, who sold it in 2015 for around $2 million, or $40,800 per unit. The buyer, who had previously third-party operated other assisted living communities in the Orlando area but was making his first acquisition, closed the community and gutted it in a $2 million renovation. The community has since stabilized at 85% occupancy, geared towards the middle market.

To fund the acquisition and renovation, the buyer had used seller financing, but the time has come to refinance. That’s where Ms. Silvers came in, arranging a $5.25 million loan with a seven-year term, an interest-only period and a strong debt service ratio. That’s quite the value-add deal for the owner, and made for a happy original lender too, we’re sure. We hope Ms. Silvers takes a nice vacation after this deal.