Ziegler served as exclusive capital structuring advisor on a debt placement for the borrower, Radiant Senior Living, to acquire a portfolio of three seniors housing communities in the Pacific Northwest. Two of the properties are located near Seattle, Washington, while the third is in Bozeman, Montana.
Previously owned by a publicly traded REIT, they combine for 36 independent living and 204 assisted living units and generate in-place, stabilized cash flow. However, there is an opportunity to add value through economies of scale, which suits Radiant and its 18-property portfolio in the Pacific Northwest.
The $42.6 million in financing consisted of both senior and mezzanine debt, with Congressional Bank providing the senior debt and a national seniors housing fund providing the mezzanine portion. It’s good to see a bank financing these days.