United Community Bank (UCB) closed two new loans in the month of April, both for senior care facilities in the Southeast. First, in Terra Bella, Florida, the UCB team originated a $24.8 million loan for Keystone Senior Living to refinance its 140-unit independent living, assisted living and memory care community. Renasant Bank partnered with UCB on the transaction, which featured a 36-month term and variable interest rate. Keystone built the community in 2016 with a construction loan and mezzanine debt. The new 75% loan-to-value loan from UCB, plus additional sponsor equity, took out that debt.
The bank also originated acquisition financing for Carlyle Senior Care to exercise a lease purchase option on a 60-bed skilled nursing facility in Fountain Inn, South Carolina. The $3 million loan came with a 60-month term and fixed rate.
