BMO Harris Bank’s Healthcare Real Estate Finance group announced the refinance of two senior living communities located near Harrisburg, Pennsylvania. The borrower, Juniper Communities, had acquired the properties in 2012 from a local group for $18.575 million, or just over $100,000 per unit, at an 8.0% cap rate.
The Lebanon community was built in 1996 with an addition in 2002 and features 40 independent living and 83 personal care (assisted living) units. Built in 2000, the Mt. Joy community has 63 personal care units. Across both properties, there are also around 30 private patio homes that are managed but not owned by Juniper. To refinance the mortgages, Juniper obtained a $12.3 million credit facility.
