Northland Networks announced that it provided construction debt for a seniors housing project in an Indiana suburb of Louisville, Kentucky. We learned a couple of weeks ago of Monarch Advisors’ involvement in the deal, with Alec Blanc sourcing the loan. Denton Floyd Real Estate Group is responsible for developing the community, which is one of several senior living projects it has planned in the Louisville area. This community will feature 115 assisted living and 16 memory care units, all private pay. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory care.
Vitality Senior Services, an affiliated organization of Denton Floyd, will operate the community when it opens. Northland Networks provided a $19.46 million mini-perm loan, which represents 75% loan-to-cost. That puts the development cost at around $25.95 million, or $198,100 per unit. The loan, which includes a recourse requirement, also features a five-year term, 30 months of interest only and a competitive rate.
