MidCap Financial recently closed a $37.8 million floating rate first mortgage that funded the purchase of a 223-uint retirement community. Located in ChampionsGate, Florida, near Orlando, the community has 114 independent living units, 73 assisted living units and 36 memory care units. The loan amount comes to $169,300 per unit.
The transaction was funded by entities managed by Fortress Investment Group, and was arranged by Alanna Ellis of Jones Lang LaSalle on behalf of Fortress. The $37.8 million loan amount was used for the acquisition as well as for future capital improvements. The community, The Glades at ChampionsGate, will be operated by Watermark Retirement Communities.
