The Regions Bank Healthcare Real Estate team recently secured construction financing for a to-be-built senior living community in a Seattle, Washington suburb. The three-story building will include 65 independent living units, 63 assisted living units and a total of nearly 107,500 square feet. It is being built by a joint venture between a Southeast-based developer/owner and a Southwest-based owner/operator.
To finance it, they obtained a $28.3 million mini-perm loan, which comes out to approximately $221,000 per unit. The loan features a floating rate and five-year initial term, with four years of interest only. There is also a staged reduction in recourse, and at or prior to maturity, Regions may replace it with permanent agency debt. Chris Honn originated the loan on behalf of Regions.
