JD Stettin of Carnegie Capital secured a bank refinance for a Pennsylvania seniors housing community. Congressional Bank provided the $16.5 million loan, which came with a three-year term and 30 months of interest only. This was the second financing Mr. Stettin has closed for the sponsor, a major national healthcare development fund. A top-tier national operator managed the building, which opened within the last several years with 65 assisted living and 30 memory care units. The loan refinanced the property during its continued lease-up, which was extended due to the pandemic. This capped a busy month for Carnegie Capital during which it announced its new joint venture with Evans Senior Investments. More details will follow on that new partnership this week.
Carnegie Capital Closes Loan With Congressional Bank
