Alec Blanc of Monarch Advisors continues his Spring activity with the closing of a bank refinance for a small assisted living community in Monterey, California. Featuring 33 beds in 20 units, the community is owned by Songbird Care Homes, a locally-based family owner/operator. Built in 1992, it typically operates at full capacity.
There was both SBA debt and a seller note on the property, and the borrower wished to reduce its debt service costs. So, to refinance the company’s debt and provide additional growth capital, Mr. Blanc sourced a $4.6 million senior loan from a local bank. It came with a seven-year term and competitive fixed interest rate. Proceeds from the loan will provide equity for the expansion of a second community owned and operated by the same group. Mr. Blanc is working on financing that project as well.
