Greystone placed a $22.5 million loan with a regional bank to refinance TREEO South Ogden, a 143-unit independent living community in Utah. Tyler Armstrong of Greystone closed the transaction on behalf of Leisure Care. The community was built in 2015 by One Eighty with the help of $3.65 million in mezzanine financing arranged by HJ Sims.
The new mortgage comes with a floating rate, five-year term and 30-year amortization. It was structured with one year of interest-only payments and a mid-200s basis point loan spread over SOFR.
Mr. Armstrong also placed a $30 million loan with a national bank for LCS to refinance The Delaney at Lake Waco, a 169-unit senior living community in Waco, Texas. The floating-rate loan has a seven-year term, 30-year amortization, three years of interest-only payments and a mid-200s basis point loan spread over SOFR.
