Berkadia took out bank debt on a seniors housing community in Appleton, Wisconsin with a new Freddie Mac financing. Chris Cain arranged the transaction on behalf of the community’s Oregon-based owner/operator, Touchmark.
In operation for around 40 years, the community provides independent living, assisted living and memory care services, which were added in a recent $25 million, 48-unit expansion project that also saw renovations made to the existing building. The bank loan that helped bank roll that project has now been replaced with a $32.3 million Freddie Mac loan, with a 10-year term and five years of interest only at 70% loan-to-value. Touchmark was also able to obtain additional equity thanks to the deal.