MidCap Financial took out construction debt on a recently completed senior living community in Gainesville, Georgia with a new floating-rate mortgage. Owned by Manor Lake Development LLC, the community opened in 2019 with 88 assisted living and memory care units. It features studio, one-bedroom and companion suites ranging from 421 to 558 square feet. Residents can also receive rehabilitation services, instructor-led daily exercise, concierge services and more. The property leased up quickly under management by Manor Lake.
JLL Capital Markets’ Joel Mendes and Trent Niederberger worked on behalf of the borrower to secure the $18.5 million loan from MidCap, which came with a floating rate. The transaction closed 39 days from lender engagement and positions the community for a permanent refinance in the future.
