Bellwether Enterprise Real Estate Capital LLC (BWE) announced it has closed $62 million in loans to finance five seniors housing communities in the Carolinas and New York. The properties consist of three assisted living and memory care communities in the Greenville, South Carolina market, one assisted living/memory care community around Charlotte, North Carolina, and a 150-unit affordable senior housing development in Kenmore, New York.
The South Carolina communities were Fairview Park Senior Living of Simpsonville, Oakview Park of Greenville and Spring Park of Travelers Rest, and all received a $42.6 million Fannie Mae loan originated on behalf of the borrower, Atlas Senior Living. Sunflower Springs of Lake Wylie, received a construction loan to build a 105-unit assisted living and memory care community in the suburbs of Charlotte, North Carolina. The borrower received a 75% loan-to-cost loan with a fixed rate that will protect against further rate increases. Lastly, Ken-Ton Presbyterian Village of Kenmore, New York refinanced with a $6.5 million loan originated on behalf of the borrower, Beechwood Continuing Care. The National Senior Housing and Care Team at BWE facilitated the transactions.
