A not-for-profit CCRC in Elkhart, Indiana received a HUD refinance courtesy of Greystone. Lisa Fischman originated the $23.9 million loan, which came with a 30-year term and amortization. Bringing on the refinance was a recent expansion of the 220-unit property that offers independent living, assisted living, skilled nursing, short-term rehab services and, most recently, memory care services.
The community was founded in 1977 and features amenities such as a wellness center, chapel, two restaurant-style dining venues and a two-acre landscaped park. The new memory care expansion comprises four houses, with nine units in each, all surrounding a central atrium.
There was a previous HUD note on the community, plus a higher-rate construction loan that was replaced with the new debt. The transaction saves the owner around $280,000, annually.
