Marcus & Millichap Capital Corp. arranged an $8.3 million loan to refinance Brookside Commerce, an assisted living community in Commerce, Georgia, approximately 70 miles northwest of Atlanta. Built in 1998, the 62-unit community includes 12 independent living units and is 3.5 miles from Northridge Medical Center, a full-service community hospital. It was acquired in September 2019 with another community in Stone Mountain, Georgia, for a combined $9.75 million, or $104,000 per unit. At the time, it was 93% occupied and had been recently renovated. A New York-based private equity firm was the buyer and secured a bridge loan through CBRE’s multifamily bridge lending program, MF1 Capital, LLC.
Robert Bhat, based in Marcus & Millichap’s Miami office, led the refinancing, which featured a 35-year HUD loan with an interest rate of 5.1%. In addition to taking out the bridge debt, the HUD loan provided cash out to the borrower.
