PGIM Real Estate closed the refinance of a memory care community in Forest, Virginia (Lynchburg MSA), the second it has closed for the client this year. Runk & Pratt built the property in 1999 to include 76 units and has added a number of unique features, such as a multi-sensory room that provides soothing and engage stimuli to its residents. There are also three enclosed courtyards and a greenhouse, along with on-site therapy. Occupancy was around 89%.
Christopher Fenton and Catherine Eby of PGIM Real Estate facilitated the $13.2 million HUD financing, which came with a 35-year term and amortization. The loan replaces HUD debt that had a higher interest rate of 3.82%.
Earlier this Spring, Mr. Fenton also secured a $19 million Fannie Mae refinance for Runk & Pratt’s 102-unit senior living community in Hardy, Virginia. We’ll see how this relationship grows in the coming years.
