The Regions Bank Healthcare Real Estate team, including Chris Honn and Amber Crosby, originated a $21.7 million construction and mini-perm loan for a joint venture between a Southeast-based developer/operator, an Arizona-based partner/operator and a Midwest-based private equity firm. The project, located in Los Angeles County, is expected to include 80 units, comprising 58 assisted living and 22 memory care units.
The loan amount is approximately $271,250 per unit. It has a floating rate across a five-year initial term, four years of interest only and a staged reduction in loan repayment recourse. At or prior to maturity, Regions may also provide an agency permanent debt solution for the borrower. Regions has worked previously with the parties in the joint venture.
