An assisted living/memory care community that broke ground in Fairfield County, Connecticut this Spring (quite a time for that) just received bank financing arranged by JD Stettin of Carnegie Capital. The five-year construction loan totaled $24.5 million, or nearly $190,000 per unit, and came with a low-4% interest rate. At 65% loan-to-value, that puts the construction cost at nearly $37.7 million, or about $290,000 per unit. For Fairfield County, that is about right.
Mr. Stettin sourced and structured the loan with a national healthcare-focused bank and a participating regional bank. A major national healthcare developer was the borrower and built the community to include 90 assisted living and 40 memory care units. They partnered with a large, national operator to manage the community.
