An assisted living community in Salinas, California is more than tripling its size with financing in hand from a national SBA lender. Alec Blanc of Monarch Advisors arranged a multi-stage lending strategy for the owner, Songbird Care Homes, and sourced the debt. The $4.6 million senior loan comes with a term of 25 years and a rate of Prime plus 1.0%, with an option to convert to a fixed rate equal to Prime plus 1.2% upon completion of the addition. Originally built in 1952, but renovated and converted to assisted living in 2017, the existing six-unit/12-bed community will see 28 new beds in 14 units added thanks to the funding. Occupancy was 92%.
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