The transactions keep coming from Ziegler, which closed $17.7 million in taxable bank financing for the acquisition of The View Alexandria by Goodwin Living, formerly Goodwin House. Goodwin Living acquired the property from Pinnacle Living this spring, adding to its two other senior living communities in northern Virginia.
The $17.775 million taxable loan was placed with Truist Bank. It has a five-year commitment period at pricing of 1 Month SOFR plus 2.00% with three years of interest only and a 25-year amortization. To mitigate interest rate risk, Goodwin Living worked with Ziegler Structured Products to implement a fixed payor swap for the five-year commitment period on the entire principal balance at an all-in rate of 4.528%.
Opened in 1962, the rental CCRC has a seven-acre campus including an eight-story building with a penthouse and administrative offices. It is licensed for around 200 beds, but the campus has 125 independent living and assisted living units and 24 skilled nursing beds/units.
